Oil prices fell on Thursday, weighed down by a downgrade of the United States’ credit rating, the world’s largest oil consumer.
The price of a barrel of Brent crude for October delivery fell 0.24 percent to $83 a barrel.
The price of a barrel of West Texas Intermediate US crude fell 0.23 percent to reach $79.31 a barrel.
The downgrade of the US credit rating by Standard & Poor’s to “AA-” from “AAA” on Wednesday was seen as a sign of economic weakness in the United States, which is the world’s largest oil consumer.
The downgrade also raised concerns about the global economy, which could lead to a slowdown in demand for oil.
Despite the decline in oil prices, the market remains tight, with supply constrained by production cuts from the Organization of Petroleum Exporting Countries (OPEC) and its allies.
OPEC and its allies have agreed to cut production by 1.2 million barrels per day until the end of 2017 in an effort to support prices.
The cuts have helped to push oil prices up from their lows of last year, but the market remains volatile and prices could fall further if the global economy weakens.
