Brent crude fell towards $107 a barrel today as a stronger dollar and weak demand overshadowed global tensions.
Reuters reported that Brent crude for September delivery declined six cents to $107.27 a barrel, while US crude for September delivery fell 32 cents to $102.07 a barrel.
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The European Union (EU) threatened Russia with harsher sanctions for downing the Malaysian passenger plane in Ukraine.
Meanwhile, oil production fell to approximately 450,000bpd in Libya, a drop of about 20%, with escalating violence threatening a deal to restore oil exports.
Libya’s exports may increase with the Brega oil port anticipated to start operations soon, as the government signed an agreement with security guards who were protesting at the facility.
The news agency said traders are also watching violence in the Gaza strip on Wednesday, as diplomats intend to secure a ceasefire.
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By GlobalDataThe US Department of Energy’s Energy Information Administration (EIA) is due to unveil weekly crude oil inventory data later on Wednesday.
A Reuters survey has found that US commercial crude oil inventories are likely to have dropped 2.8 million barrels in the week ending 18 July.
Domestic crude stocks declined by 7.5 million barrels the previous week due to a sharp increase in refinery activity.
The American Petroleum Institute (API) revealed that US crude inventories declined 555,000 barrels last week to 374.7 million, with stocks at the US crude delivery point at Cushing, Oklahoma, down 1.4 million barrels.
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