Brent crude oil declined towards $104 a barrel today amid supply worries over the effect of trade sanctions on worldwide economic growth.
Reuters reported that Brent crude oil was down 30 cents at $104.29 a barrel, while US crude declined 30 cents to settle at $96.62 a barrel.
Oil prices have fallen more than $10 a barrel in the past six weeks, following a supply glut in West African and Atlantic markets.
Reuters said this has increased futures prices for prompt delivery below those of delivery in later months.
The Energy Information Administration (EIA) said crude inventories in the US declined slightly more last week than analysts had expected, while exports of crude oil from US shores surged in June to the highest since the 1950s.