Crude oil prices were supported at around $100 on Thursday with the possibility of Europe finding a way to deal with Spain’s banking crisis and the planned monetary stimulus by the US.
Brent crude dipped 71 cents to $99.93 a barrel, while US crude was trading 30 cents down at $84.71, reported Reuters.
After ten straight weeks of stock build, crude inventories in the US fell last week. Current crude oil prices have decreased by more than 20% from the 2012 high of $128.40 in March.
Continuing worries about supply disruption from the Middle East regarding the nuclear power programme in Iran is supporting oil price.
Goldman Sachs was quoted by the news agency as saying the global oil market has been tightening up after falling into supply surplus earlier in the second quarter because of an increase in output by Saudi Arabia ahead of the European Union (EU) embargo on Iranian oil.