Global oil prices fell on volatile market sentiment on Thursday due to rising supply risks amid heightened tensions in the Middle East.
Meanwhile, Brent crude oil futures fell 25 cents (0.3%) to $78.08 a barrel and West Texas Intermediate (WTI) fell 13 cents (0.3%) to $75.10.
Both benchmarks recovered from near 2024 lows in early trading Thursday before resuming their downside.
In addition, potential Middle East supply disruptions fueled by uncertainty following the assassinations of top Hamas and Hezbollah members last week raise the possibility of a retaliatory strike by Iran against Israel.
However, supplies have not been affected so far as attacks on ships in the Red Sea have forced tankers to take longer routes.
The Libyan National Oil Corporation confirmed that the output of the Sharara field will gradually decrease due to the protests.
Crude oil inventories in the United States, the world's biggest oil consumer, fell 3.7 million barrels, well above analysts' expectations for a 700,000-barrel draw and marking a sixth straight weekly decline to a six-month low.
