July 24 2018 10:25 p
Oil prices fell as the focus shifted to fears of oversupply, deflecting mounting tensions between the US and Iran that led prices to rise early in the session.
According to Reuters news agency, the world's benchmark Brent crude contract closed to the nearest trading session low one cent to $ 73.06 a barrel.
US benchmark West Texas Intermediate crude fell 37 cents to $ 67.89 a barrel, after retreating from a session high of $ 69.31.
The market abandoned its initial gains as interest returned to oversupply risks. Phil Flynn, an analyst at PricewaterhouseCoopers Group in Chicago, said Saudi Arabia and other top producers were increasing their output to compensate for declines in Iran's output as a November deadline for US sanctions on crude sales from the Islamic Republic approaches.
The market is also concerned about the impact of the escalating trade dispute between the United States and its trading partners on global economic growth and energy demand.
The market rose early in the session as tensions between Iran and the United States deepened, while some workers on three offshore oil and gas platforms in the British sector in the North Sea began a 24-hour strike.