Concern about economic weakness in the United States, the world's biggest energy consumer, added to selling momentum.
U.S. crude oil for October delivery was trading 91 cents lower at $69.70 a barrel by 1506 GMT and London Brent crude lost 92 cents to $69.90 a barrel.
If oil prices end the session below $70 a barrel it would be the lowest market close since June.
U.S. SLOWDOWN
For now fuel supplies are healthy and there are some signs of lower demand growth as a result of high prices, which are also prompting concern about a slowdown in U.S. economy.
The next set of data to be released on Wednesday was expected to show a 1.2 million barrel decline in crude oil stocks last week after refineries increased activity.
Distillate stocks, including heating oil, were expected to rise by 1.2 million barrels, a Reuters analyst poll found.
Gasoline stocks were predicted to fall by 800,000 barrels, but analysts are decreasingly concerned about gasoline inventories given the U.S. summer driving season is considered to end with next week's Labor Day holiday.
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