The price of oil slipped below $102 a barrel on Friday, falling for a second day after spiking on lower U.S. inventories and tensions in Ukraine and the Middle East.
By early afternoon in Europe, benchmark U.S. crude for September delivery was down 38 cents to $101.69 in electronic trading on the New York Mercantile Exchange. On Thursday, the Nymex contract dropped $1.05 to close at $102.07.
Brent crude, a benchmark for international oils, was up 4 cents to $107.11 in trading on the ICE Futures exchange in London.
Lower-than-expected U.S. crude inventories in a weekly Energy Department report had driven prices up on Wednesday, but expectations of stronger growth in demand were later countered as gasoline supplies were nearly three times larger than predicted.