Oil dips with growth concerns weighing on rangebound market

Oil fell as traders continue to weigh the prospects for commodities demand as global growth slows against near-term supply tightness in the crude market.

West Texas Intermediate slid below US$84 a barrel. Since late September prices have been bouncing in a range of about US$17 as traders weigh interest rate hikes that menace economic expansion against planned output cuts from the Organization of Petroleum Exporting Countries and its allies.

In recent days oil volatility has slumped as prices have struggled for direction. For the global Brent benchmark a gauge of implied volatility fell to its lowest level since the middle of August.