Oil prices fell this morning amid new evidence that the US economy is slowing.
In Asia, US crude was down 69 cents to $94.20 a barrel, while in London, Brent crude was down 38 cents at $116.43.
A jump in the oil price on Monday - sparked by an agreement to raise the US debt limit and cut spending - fizzled out as traders turned to disappointing US manufacturing figures.
The Institute for Supply Management said manufacturing activity in the US barely grew in July, the lowest reading since July 2009. The weaker manufacturing numbers fed into fears that the US could be slipping back into recession.
