Brent crude futures dropped 47 cents, or 0.6%, to $72.92 per barrel by 0515 GMT, while U.S. West Texas Intermediate (WTI) crude fell 39 cents, or 0.6%, to $70.19.
Analysts at JP Morgan noted that global oil demand growth for December was 700,000 barrels per day lower than expected, and for the year-to-date, global demand had increased by 200,000 bpd less than their November forecast.
Meanwhile, official data from the U.S. Energy Information Administration showed a smaller-than-expected decline in crude stocks, down by 934,000 barrels for the week ending December 13. However, U.S. crude exports rose by 1.8 million bpd to 4.89 million bpd, providing some market support.
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