Brent crude oil fell to a 13-month low on Tuesday as increased OPEC production helped dampen concerns over potential supply disruptions in Iraq and Libya.
A plunge in German analyst and investor market sentiment to the lowest level in more than 1-1/2 years because of the crisis in Ukraine pressured German shares and fueled worries about demand for petroleum.
September Brent crude was down nearly $2 under $103 per barrel, after falling as low as $102.65, its weakest since July 1, 2013. The September contract expires on Thursday. U.S. crude for September ended 71 cents lower at $97.37 a barrel.
The International Energy Agency (IEA) said that while the situation in several producer countries was "more at risk than ever," supplies were ample and the Atlantic Basin was facing a glut.