Oil drifted lower today ahead of US government data expected to show a further fall in crude oil supplies in the world's biggest oil consumer.
US light crude for December delivery fell 15 cents to $93.94 a barrel earlier this afternoon after rising almost $3 in the previous session. London Brent crude was 16 cents higher at $91.52.
Shrinking oil stocks, a weak dollar, speculative inflows, as well as political tensions, have helped drive oil prices to record highs of $98.62 a barrel, reached on November 7th.
But oil is around $5 below its peak, pressured by concerns that high prices are starting to affect demand and by expectations that speculators who have helped boost prices could now step back.
Opec lowered its world oil demand growth forecast for the fourth quarter of this year in its November Monthly Oil Market Report, partly due to a modest downturn in the US economy.