Some analysts expect oil demand to grow next year, especially in emerging economies, as a global economic recovery strengthens. Bank of America Merrill Lynch raised its forecast for the average price of crude to $85 a barrel from $75.

Oil prices have soared from $32 in December as the financial crisis stabilized and economies emerged from recession.

In London, Brent crude for December delivery fell 96 cents to $77.26 on the ICE Futures exchange.