Brent crude fell towards $107 a barrel today amid geopolitical tensions in the Middle East, Africa and Europe, which generated ample supply of crude.
Brent crude fell by 17 cents to settle at $107.40 a barrel, while US oil dropped 34 cents to $101.33 a barrel, reported Reuters.
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Global oil production has surpassed the required demand, despite conflicts in Ukraine, Iraq and Libya.
Morgan Stanley analysts led by Adam Longson said: "Barring new supply outages, we see global supply capacity rising by 1.8 million barrels per day in 2014, the fastest growth in a decade."
Despite conflicts with Islamist militants in northern Iraq, oil production in the south was not affected and remained at record levels.
Meanwhile, the US and European leaders have agreed to impose sanctions on Russia’s financial, defence and energy sectors, which may have no effect on Russian oil exports.
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By GlobalDataIn the US, investors were looking for gasoline inventories that have weighed on US crude prices.
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