On Tuesday, oil prices declined after rising more than $5 a barrel the previous session on the strength of purchasing interest fueled by a falling dollar and expectations that the US Federal Reserve's interest rate hike may be less than anticipated.
By 00:36 GMT, the September settlement Brent crude futures price had decreased by 69 cents to $105.58 per barrel. The increase in the contract on Monday was 5.1 percent, the highest percentage increase since April 12.
The price of a barrel of WTI crude for August delivery decreased by 65 cents to $101.95. On Monday, the contract rose 5.1 percent, the highest percentage rise since May 11.
Wednesday marks the expiration of the August WTI contract, and the more actively traded September future was down 63 cents at $98.79 per barrel.
Last week, both benchmarks experienced weekly drops of over 5%.
As Western sanctions on Russian crude and fuel supplies have disrupted trade flows to refiners and end-users, supply concerns have been a thorn in the side of oil prices. At the same time, there have been growing concerns that central bank efforts to contain surging inflation may lead to a recession, which would reduce future fuel demand.
Information regarding Muslim World and Pakistan.
