Crude oil futures hovered around monthly lows in Asian trading hours on Wednesday, as concerns over the health of the global economy and growth in oil demand weighed on markets.
This has overshadowed growing optimism after US inflation fell last month and a near-certain interest rate cut in September, although the pace of further cuts may slow.
Crude oil futures fell during the Asian session on Wednesday.
According to the New York Mercantile Exchange, September crude oil futures were trading at USD79.71 per barrel at the time of writing, down 0.00%.
It was previously traded lower at USD79.45 per barrel. Crude oil may find support at USD79.22 and resistance at USD82.29.
The dollar index, which measures the performance of the greenback against a basket of six other major currencies, rose 0.04% to trade at USD103.92.
Meanwhile on Nymex, Brent crude for September delivery fell 0.02% to trade at USD83.71 per barrel, while the spread between Brent and crude oil futures stood at USD4 per barrel.
