Oil prices fell during the trading session of Thursday, October 26, amid an increase in American inventories, and while following the latest developments in tensions in the Middle East.
In terms of trading, Brent crude futures fell by about 0.2% to $89.83 per barrel.
US crude futures also fell by 0.1% at $85.28 a barrel.
Oil's losses came after it achieved gains of about 2% upon settlement yesterday, Wednesday, in light of concerns about the conflict in the Middle East.
But prices lacked a clear direction on Thursday, as investors viewed the rise in US crude inventories as an indication of weak demand.
The US Energy Information Administration said that crude inventories in America increased by 1.4 million barrels last week to 421.1 million barrels, compared to expectations of an increase of about 240 thousand barrels.
Analysts at Citi believe that the markets are still volatile with the ebb and flow of tensions in the Middle East, but important fundamentals are seasonally weaker than expected with weak demand for products in America.
