US sweet, light crude fell $2.23 to settle at $123.26 a barrel - more than $20 off their peak earlier in July, when prices reached a record $147.27.
Brent crude in London also fell, dropping $1.92 to $124.52.
The oil market has been volatile as traders assess whether there will be enough supply to meet demand, with some predicting further price falls.
Analysts at Lehman Brothers predict oil prices could drop below $100 by the end of the first quarter of 2009.
But others are sceptical.
"Nothing in the fundamental drivers has changed," said Harry Tchilinguirian, an oil analyst at BNP Paribas.
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