Oil Dips as Markets Await PMI Releases, Jackson Hole Meet

Oil pours out of a spout from the original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pa., on Oct. 5, 2017. Brendan McDermid/Reuters

LONDON—Oil prices dropped on Wednesday, as traders were cautious ahead of potentially gloomy manufacturing data and an annual meeting at Jackson Hole, where heavy-hitter central bankers including from the United States will talk interest rates.

Brent crude was down 51 cents to $83.52 a barrel at 0738 GMT, while U.S. West Texas Intermediate crude was at $79.15 a barrel, down 49 cents.