Brent crude fell 74 cents to $124.80 a barrel over the possible release of strategic oil reserves by the US.

Analysts say reserves could be released even after crude stockpiles in the world’s largest oil consumer rose more than expected last week, reports Reuters.

Meanwhile, US crude slipped by 80 cents to stand at $106.53.

Further price falls were offset by supply concerns on rising tensions between Iran and the West, bombing in South Sudan, as well as production problems in the North Sea, where Total’s Elgin platform has been shutdown due to a gas leak.

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