Oil prices fell today due to renewed concerns about decreased oil demand amid weak US economic data and anxiety about the eurozone debt crisis.

US crude fell by $1.01 to stand at $81.37 a barrel and Brent crude lost 68¢ to $106.31, reports Reuters.

Investors fear that the US economic recovery could stall and slide into recession as a result of an unexpected fall in existing home sales in July and last week’s rise in new claims for jobless benefits.