Brent crude futures for September settlement fell 48 cents, or 0.5%, to $102.72 a barrel 0205 GMT, down for a fourth day.
West Texas Intermediate (WTI) crude oil futures for September delivery fell 65 cents, or 0.7%, to $94.05 a barrel, also down for a fourth day.
“The market tone is likely to remain bearish amid fears that interest rate hikes will reduce global fuel demand and the resumption of some Libyan crude oil production will ease pressure. global supply,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd.
Oil futures have been volatile in recent weeks as traders try to balance the possibility of further interest rate hikes that might limit economic activity, and therefore reduce fuel demand growth, with supply greenhouse due to disruptions in the trade of Russian barrels due to Western sanctions in the context of the conflict in Ukraine.
US Federal Reserve officials said the central bank is likely to raise rates by 75 basis points at its July 26-27 meeting.
On the supply side, Libya’s National Oil Corporation (NOC) aims to bring production back to 1.2 million barrels per day (bpd) in two weeks, the NOC said in a statement early Saturday.
The European Union said last week that it would allow Russian state companies to ship oil to third countries as part of a sanctions adjustment agreed by member states last week and aimed at limiting risks to the global energy security.
However, Russian Central Bank Governor Elvira Nabiullina said Friday that Russia will not supply oil to countries that decide to impose price caps on its oil.
