On Wednesday, expectations of a decrease in tensions in the Middle East following a tour of mediators in the region and estimates indicating an increase in US crude inventories caused oil prices to fall.
By 03:40 GMT, Brent crude futures had dropped nine cents, or 0.1%, to $77.11 per barrel. The price of a barrel of US West Texas Intermediate crude dropped by 12 cents, or 0.2%, to $73.05.
According to market sources citing data from the American Petroleum Institute, US crude inventories increased by 347,000 barrels last week.
