NEW YORK: Oil prices fell on Wednesday as worries over conflict in the Middle East eased and business activity in the United States slowed, although a fall in US crude oil inventories put a floor on those losses.

Brent crude futures fell 40 cents, or 0.45%, to settle at US$88.02 a barrel, while US West Texas Intermediate crude futures slipped 55 cents, or 0.66%, to US$82.81.