Oil prices fell on Wednesday after rising in the previous three sessions as the market tussled between concerns about the global economy and tight global oil supplies.
Brent crude futures for August dropped 84 cents, or 0.7 per cent, to $117.14 a barrel by 0444 GMT. The August contract will expire on Thursday and the more-active September contract was at $113.17, down 63 cents, or 0.6 per cent.
US West Texas Intermediate (WTI) crude futures slid 54 cents, or 0.5 per cent, to $111.22 a barrel.
Both contracts rose more than 2 per cent on Tuesday as concerns over tight supplies due to Western sanctions on Russia outweighed fears of that demand may slow in a potential future recession.
