Oil markets slipped today, with tensions over fears of possible supply disruptions in the North Sea, as well as simmering tension in the Middle East easing slightly.

Brent crude fell by 49 cents to $107.31 a barrel, while US oil slipped by 76 cents to $91.90 as the dollar strengthened.

Nexen Inc has planned a shutdown of its North Sea Buzzard oil field for maintenance and vessel inspection works in the first week of September, and may halt production of 200,000 barrels a day.

Meanwhile, Israel signaled that it would not rush into any conflict after it blamed Iran for the bombing of Israeli tourists in Bulgaria, reports Reuters.