Crude oil fell on skepticism that a U.S. government plan to invest $250 billion in banks will be enough to bolster economic growth and fuel use.

Oil rose more than 4 percent before the details of the plan were announced today. U.S. fuel demand averaged about 18.7 million barrels a day during the four weeks ended Oct. 3, the lowest since June 1999, according to an Energy Department report on Oct. 8. The U.S. consumes 24 percent of the world's oil.

"It's clear that the economy will be lurching around for a while, which raises concerns about energy demand," said Gene McGillian, an analyst at TFS Energy LLC in Stamford, Connecticut.

Crude oil for November delivery fell 49 cents, or 0.6 percent, to $80.70 a barrel at 10:44 a.m. on the New York Mercantile Exchange. Prices, which are down 3.7 percent from a year ago, have dropped 45 percent from the record $147.27 a barrel reached on July 11.

Brent crude oil for November settlement declined 59 cents, or 0.8 percent, to $76.87 a barrel on London's ICE Futures Europe exchange.