Oil prices fell today due to a fall in China’s crude imports and disappointing US economic data, raising concerns about lower demand from these countries.

US crude dipped by 39¢ to stand at $95.81 a barrel, while Brent crude for August slid by 63¢ to $117.70 a barrel.

Oil prices were also affected by concerns that the sovereign debt crisis in Europe may spread to Italy, according to Reuters.