Investors are shifting their bets towards oil prices weakening in the near future as the slowdown in US economic activity damps energy demand growth, traders in London and New York said.

The recent changes in trading positions could signal that oil prices have peaked after hitting a high of $100.09 a barrel early this month. Last week, oil dropped to a three-month low of $85.42 a barrel although it recovered to trade above $90 a barrel by Friday.