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Oil prices fell on Wednesday after rising for three consecutive sessions, affected by concerns about the global economy, while restrictions on supply eased.
Brent crude futures fell $0.98, or 0.8 percent, to $117 a barrel.
US West Texas Intermediate crude futures fell $0.62, or 0.6 percent, to $111.14 a barrel.
Both benchmarks rose more than 2 percent on Tuesday due to fears of supply shortages as a result of Western sanctions imposed on Russia, which outweighed fears of slowing growth due to a possible economic recession.
Saudi Arabia and the UAE are seen as the only two OPEC members that have spare production capacity to make up for the lack of Russian supplies.
But statements this week by UAE Energy Minister Suhail Al-Mazrouei and French President Emmanuel Macron made clear that there are few opportunities to increase production in the two countries.
Analysts also warned that political turmoil in Ecuador and Libya could heighten concerns about a supply shortage.
New changes related to the Russian oil trade may appear after the leaders of the Group of Seven agreed on Tuesday to study a ceiling on the selling prices of Russian oil, allowing more supplies to reach the market without increasing Moscow’s revenues.
A Reuters poll showed that US crude stocks are expected to have fallen in the past two weeks.
