Oil markets fell today because of sluggish global oil demands, while investors were worried about Europe’s debt crisis issues.

Markets were also apprehensive about escalating tensions in the Middle East due to Iran’s ongoing nuclear programme.

Brent November crude futures dropped 39 cents to $111.14 a barrel while US November crude slipped 21 cents to settle at $91.70 a barrel.

Crude inventories added 462,000 barrels against previous expectations, according to data by the American Petroleum Institute; while the US Energy Information Administration will releases its weekly estimates today.

Sanctions by the US and European Union on Iranian oil shipments have led to the economic strife as the Iranian currency plunged to a new low.

Oil investors are also closely monitoring elections in Venezuela, an Organization of the Petroleum Exporting Countries member.

Image: Brent November crude futures dropped 39 cents to $111.14 a barrel. Photo courtesy of: Lars Christopher Nøttaasen.