Brent crude extended losses for a third straight session, dropping towards $104 a barrel on Tuesday as new political tension on the streets of Baghdad were seen as holding little threat to the OPEC producer's oil output.
Iraq on Monday named Haidar al-Abadi as the new prime minister to end the eight-year rule of Nuri al-Maliki, but Maliki has refused to go and deployed special forces to force a dangerous political showdown in Baghdad.
U.S. President Barack Obama said the naming of Abadi was an important stride for Iraq towards rebuffing Islamic State militants, who have overrun large swathes of northern Iraq.
Maliki said the decision was a "dangerous violation" of the constitution and vowed to "fix the mistake".
Oil markets are not reacting because there has still not been any supply disruptions, said Ankit Pahuja, a commodity strategist with investment bank ANZ .
September Brent crude slipped 20 cents to $104.48 a barrel by 0332 GMT. The contract on Monday fell 34 cents to close at $104.68.
U.S. crude fell 23 cents to $97.85 a barrel.
Iraq on Monday named Haidar al-Abadi as the new prime minister to end the eight-year rule of Nuri al-Maliki, but Maliki has refused to go and deployed special forces to force a dangerous political showdown in Baghdad.
U.S. President Barack Obama said the naming of Abadi was an important stride for Iraq towards rebuffing Islamic State militants, who have overrun large swathes of northern Iraq.
Maliki said the decision was a "dangerous violation" of the constitution and vowed to "fix the mistake".
Oil markets are not reacting because there has still not been any supply disruptions, said Ankit Pahuja, a commodity strategist with investment bank ANZ .
September Brent crude slipped 20 cents to $104.48 a barrel by 0332 GMT. The contract on Monday fell 34 cents to close at $104.68.
U.S. crude fell 23 cents to $97.85 a barrel.
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