Oil endures 5th day of sell off; US oil settles over $103

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Crude oil prices on both sides of the Atlantic dropped sharply on Thursday, falling for the fifth straight session as traders liquidated long positions and followed gasoline futures prices lower.

U.S. RBOB gasoline futures tumbled to a one-month low, at $2.81 per gallon, also pressuring the rest of the oil complex lower.

Gasoline production is way too high. It's weighing on WTI [West Texas Intermediate] and weighing on the Brent market," said Andy Lebow, vice president at Jefferies Bache.

Brent crude oil prices had pared some losses in afternoon trading after some tensions were reported in the Middle East.

Israel shut its southernmost Eilat airport near Egypt's Sinai peninsula until further notice as violence in the Sinai has surged since the army ousted Islamist President Mohamed Mursi on July 3.

Brent crude was trading $1.30 per barrel lower, clawing back above $106 after having reached an earlier high of $107.86. U.S. crude for September delivery settled down 97 cents at $103.40 a barrel.

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