The main beneficiaries are likely to be the main consuming countries such as India and China, but even there oil companies will be affected.
Brent crude futures fell 21 cents to $71.86 a barrel by 1249 GMT, having touched a session high of $73.08, while US crude futures fell 8 cents to $61.59
Brent crude futures were down 79 cents at $74.25 a barrel by 1043 GMT, while US futures fell 53 cents to $64.78 a barrel
Data on Wednesday showing a large build in US inventories fostered fears about the outlook for fuel demand
Brent crude futures, the international benchmark for oil prices, were at $63.27 a barrel, down 34 cents, or 0.5%
Brent crude was down 50 cents at $46.38 a barrel and US crude was 50 cents lower at $43.90