U.S. crude futures fell for a second day running on Wednesday as a well supplied market countered supply disruption risks in Iraq and Libya. U.S. crude for September delivery eased 13 cents to $97.24 a barrel by 0009 GMT.
The September Brent oil contract slipped 10 cents to $102.92 per barrel, not far off Tuesday’s trough of $102.65 which was its weakest since July 2013. The International Energy Agency said although the situation in several key oil producing countries “remains more at risk than ever”, supplies were ample and the Atlantic Basin was even reported to be facing a glut.
U.S. crude oil production averaged an estimated 8.5 million barrels per day in July, the highest level since April 1987, the Energy Information Administration said.