Global oil prices eased Wednesday after a call by the Group of Seven nations for oil producers to increase output and the US Federal Reserve released a report showing US economic growth dull but not dire.
New York's main contract, West Texas Intermediate crude for October delivery, retreated 84 cents to $95.49 a barrel.
In London deals, Brent North Sea crude for October shed four cents to $112.54 a barrel.
While much of the energy infrastructure on the US Gulf of Mexico was shut down for Hurricane Isaac, the market saw the storm as having little impact on the supply and demand situation going forward.
"Oil prices have... retreated as damage from Isaac appears insignificant, and production is expected to resume quickly," added GFT analyst David Morrison.
About 95 percent of Gulf of Mexico production, or 1.31 million barrels a day, had been shut in before Isaac strengthened to a hurricane late on Tuesday.
By Wednesday afternoon the storm had passed into the mainland and was downgraded to a tropical storm.
"It is now believed that the overall damage will be lower than expected, and largely limited to flooding effects onshore," said PVM Associates analyst Tamas Varga.
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