Global benchmark Brent crude fell on Thursday as concerns about mounting supply returned after a brief rally on comments that Saudi Arabia's exports would fall in August.
Crude prices pulled back from earlier session highs reached after Saudi Arabia's OPEC Governor Adeeb Al-Aama said in a statement that the kingdom expects crude exports to drop by roughly 100,000 bpd in August as it limits excess production.
The U.S. West Texas Intermediate crude contract for August delivery, which expires on Friday, rose 70 cents, or 1 percent, to $69.46. However, the more heavily traded WTI contract for September delivery was trading 16 cents higher at $67.91 by 2:21 p.m ET.
Brent was down 72 cents, or 1 percent, at $72.18 a barrel, after earlier taking a run at $74 a barrel.
U.S. crude also strengthened on forecasts that inventories at the U.S. oil delivery hub in Cushing, Oklahoma fell 1.8 million barrels, or 6.2 percent, through Tuesday, traders said, citing energy information provider Genscape.