Oil fell to a two-month low under $108 a barrel on Thursday, extending its longest losing streak in four years, pressured by weak gasoline demand in the United States and the prospect of rising supply from Libya.
Data showed an increase in US gasoline inventories last week, indicating demand was not as strong as expected during the peak summer driving season.
Brent crude fell 31 cents to $107.97 a barrel by 0837 GMT, down for a ninth straight session and matching a similar losing run in May 2010. It hit a low of $107.76 earlier in the day, the weakest price since May 9.
US crude was down for a tenth session at $101.78 a barrel, 51 cents below Wednesday's close. The front-month price is set to post its longest stretch of losses since July 1984.
A steeper fall in West Texas Intermediate has widened its spread versus Brent to more than $6 a barrel after touching the narrowest in nearly a month on Wednesday.
Concerns over supply disruptions in Iraq have eased as exports from southern Basra continued amid an Islamist insurgency.
Data showed an increase in US gasoline inventories last week, indicating demand was not as strong as expected during the peak summer driving season.
Brent crude fell 31 cents to $107.97 a barrel by 0837 GMT, down for a ninth straight session and matching a similar losing run in May 2010. It hit a low of $107.76 earlier in the day, the weakest price since May 9.
US crude was down for a tenth session at $101.78 a barrel, 51 cents below Wednesday's close. The front-month price is set to post its longest stretch of losses since July 1984.
A steeper fall in West Texas Intermediate has widened its spread versus Brent to more than $6 a barrel after touching the narrowest in nearly a month on Wednesday.
Concerns over supply disruptions in Iraq have eased as exports from southern Basra continued amid an Islamist insurgency.
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