Global oil prices fell on Tuesday as traders took profit after a long holiday weekend, and Ukraine's new president launched a fresh offensive against rebel groups, giving traders an impression of stability in spite of renewed violence.
Analysts expect any price weakening to be brief as Libyan oil exports fell further and conflict in the eastern Ukrainian city of Donetsk could raise the risk premium.
Brent crude was down 20 cents near $110 a barrel. The contract touched an intraday peak of $111.04 a barrel on Thursday, its highest in more than two and a half months. U.S. light crude oil fell 24 cents to end near $104.11.
U.S. gasoline fell 2 cents to $3.0026 a gallon as traders sold long positions taken before Monday's holiday in the U.S. for Memorial Day, which marks the start of the summer driving season.