VIENNA, Austria -- Oil prices slipped to $59 a barrel Wednesday as investors grappled with the prospect that global growth next year will slow more than originally feared, cutting demand for gasoline and other crude products, according to The Associated Press.

Expectations that a snapshot of the U.S. inventories will also show reduced consumption of oil and derivatives also acted as a drag on the market.

Light, sweet crude for December delivery was down 32 cents to $59.01 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.