After an intial price increase due to supply concerns over the continuing conflict in Egypt, oil prices slipped today as the US dollar continued to rise.

Brent crude slipped 17 cents to $107.55 a barrel, while US crude fell by 6 cents to $103.16 a barrel, reported Reuters.

A better than expected US jobs report also put pressure on price as it raised expectations that the US Federal Reserve might begin to wind down its stimulus programme as early as September, pushing the US dollar higher.

Investors, however, remain concerned over events happening in the Middle East.

On Monday, at least 15 people had reportedly died in Cairo when shots were fired at supporters of President Mohamed Mursi near the military building where he is currently being kept under house arrest.

The geo-political tension in the Middle East has raised concerns of disruption to major oil-producing areas or oil shipments.

"Brent crude slipped 17 cents to $107.55 a barrel, while US crude fell by 6 cents to $103.16 a barrel."

Improved US jobs data released on Friday, indicating that growth in the world’s biggest oil consumer is gathering space, also helped to intially increase prices.

According to the report, US employers added 195,000 new jobs to their payrolls in June, against an expectation of 165,000, while the figures for April and May were also revised up by a combined 70,000.

News that the supply of North Sea crude oil is expected to drop by more than 11% in August due to maintenance, also supported the intital price rise.

On Sunday, an official said that a deal has been finalised with security guards who had closed two oil ports in eastern Libya, allowing exports to recommence.

Investors will now closely observe the developments in Europe on Monday, as the euro zone is due to decide on how to keep Greece on a lifeline.

Energy