Oil prices fall after three-day rally; concerns on supply shortage remain

Oil prices fell on Wednesday after rising in the previous three sessions but losses were limited on the view that global supply tightness will continue as there is limited room for major producers such as Saudi Arabia to boost production.

U.S. West Texas Intermediate (WTI) crude futures slid 44 cents, or 0.4%, to $111.32 a barrel at 0150 GMT, giving up earlier gains.

Brent crude futures for August dropped 61 cents, or 0.5%, to $117.37 a barrel, also reversing an earlier gain. The August contract will expire on Thursday and the more-active September contract was at $113.14, down 66 cents, or 0.6%.