Investing.com - West Texas Intermediate oil futures fell below the $100-level on Thursday, as concerns over U.S. demand for oil and fuel products like gasoline drove prices lower.
On the New York Mercantile Exchange, crude oil for delivery in September hit a session low of $99.18 a barrel, the weakest level since July 15, before trimming losses to last trade at $99.33 during European morning hours, down 0.94%, or 94 cents.
U.S. oil futures ended Wednesday’s session down 0.69%, or 70 cents, to settle at $100.27 a barrel. Nymex oil prices were likely to find support at $98.68, the low from July 15 and resistance at $101.67, the high from July 30.
Weekly supply data released Wednesday showed that total motor gasoline inventories in the U.S. increased by 0.4 million barrels last week to 218.2 million, the highest level in four months.
The ongoing buildup in gasoline stocks during the peak summer driving season in the U.S. was seen as bearish for oil prices, amid speculation of slowing demand.
Investors now turned their attention to Friday’s U.S. jobs report for July, which was expected to indicate that the recovery in the labor market is continuing.
A Commerce Department report showed that the U.S. economy grew at a 4% annualized rate in the second quarter, above forecasts for growth of 3%, after contracting by 2.1% in the first three months of the year.
Also Wednesday, the Federal Reserve tapered its monthly bond-buying program by another $10 billion, staying on pace to end the purchase program in October, and gave an upbeat assessment of the economy at the end of its two-day meeting.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery slumped 0.54%, or 57 cents, to trade at $105.94 a barrel, the lowest since July 15.
The European Union and the U.S. imposed further sanctions against Russia earlier in the week over Moscow's support for separatist rebels in eastern Ukraine.