Brent crude prices declined today after coming under pressure from excess US inventories and a weak global demand outlook.
Brent dipped by 11 cents to $104.84 a barrel, while US oil fell by two cents to $96.66, reported Reuters.
Oil prices came under pressure following data that showed gasoline stocks on the heavily populated US East Coast increased to their highest since February 2012.
IEA has released its data, which showed the seasonal rise in US gasoline demand for summer driving will not be strong enough to stop declining consumption on an annual basis.
The European benchmark had recovered from Tuesday’s $101.82 a barrel to near $105 due to the weak dollar, while top industry bodies, such as the International Energy Agency (IEA), have predicted a bleak demand growth outlook.
On Friday, the dollar was still under pressure after falling to a four-month low against a basket of currencies in early trade.
Prices, however, are not expected to fall further, owing to the persistent concerns over supply disruption from the Middle East.
US President Barack Obama announced he will despatch American weapons to Syria in support of rebels for the first time.
Obama took the decision after The White House confirmed it has evidence the Syrian Government has used chemical weapons against rebel forces fighting to oust President Bashar al-Assad.
Although Syria is not an important global oil supplier, investors are still concerned that the ongoing civil war could drag in other neighbouring nations and engulf the whole region in conflict.
Image: Data showing gasoline stocks at the US East Coast have jumped to its highest, thereby impacting oil prices. Photo courtesy of freedigitalphotos.