U.S. oil prices dropped 1.65 percent on Wednesday on the landing and softening of tropical storm Gordon as well as renewed concerns over weakening of petroleum demand in emerging markets.

Tropical storm Gordon didn't cause major damage to offshore oil production facilities and refining infrastructure along the Gulf Coast. The tropical storm has landed and weakened, according to local reports.

Meanwhile, ongoing currency crisis in Turkey and South Africa alarmed investors and raised concerns over growth of petroleum demand in emerging markets.

Still, OPEC Secretary-General Mohammad Barkindo said on Wednesday that global daily crude oil consumption would reach 100 million barrels later this year, much sooner than earlier prediction.

The West Texas Intermediate (WTI) for October delivery fell 1.15 U.S. dollars to settle at 68.72 dollars a barrel on the New York Mercantile Exchange. Enditem