Oil prices fell slightly in the morning on Thursday, after the EIA report yesterday showed an unexpected increase in US crude stockpiles.
Global oil prices continued to swing after news that embattled Iraq plans to export about 2.4 million barrels per day of Basra Light crude oil this month, despite the fighting in the north of the country.
West Texas Intermediate for delivery in September fell to $97.11 a barrel at 6:45 GMT, compared with the opening price at $97.28 a barrel, setting the highest level at 97.45 dollars a barrel and the lowest at 97.06 dollars a barrel.
Yesterday's EIA report showed a surplus in US oil inventories by about 1.4 million barrels compared with a decline of about 1.8 million barrels in reading previous weekly, beating analysts' expectations which pointed to a decline by 1.6 million barrels.
Today we await the release of data US jobless claims last week, which is expected to show a rise in the index to read the number filing to unemployment benefits in the week ending August 09.
On the other hand, European oil prices are still negatively influenced by Chinese data released yesterday, which showed a decline in new credit lines to its lowest level since the global crisis years, and confirmed by the Ministry of Statistics that the Chinese industrial production growth has slowed.
Brent for September delivery was trading around $103.74 a barrel, 0.52% down from the opening price at $104.06.