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Oil prices fell on Thursday in limited trading ahead of a public holiday, as traders weighed the impact of a larger-than-expected rise in US oil inventories in the face of global supply shortages.
By 0632 GMT, Brent crude futures fell $1.14, or 1.1 percent, to $107.64 a barrel, while the price of West Texas Intermediate crude futures fell $1.32, or 1.3 percent, to $102.93 a barrel.
On Wednesday, the two benchmarks ignored the rise in US inventories to close up by about four dollars.
The International Energy Agency warned on Wednesday that nearly three million barrels per day of Russian oil supplies could be cut off due to sanctions and a voluntary embargo.
Despite signs that global supply disruptions may continue, US oil stocks rose by more than nine million barrels last week, the US Energy Information Administration said on Wednesday, partly due to a drawdown in strategic stocks. Analysts polled by Reuters had expected stocks to rise by 863,000 barrels.
