Oil prices decreased after an unexpected rise in US oil inventories and due to the increasing COVID-19 cases which could suppress global oil demand growth.
International benchmark Brent crude was trading at $72.04 per barrel at 07.30 GMT for a 0.26% loss after closing Wednesday at $72.35 a barrel.
American benchmark West Texas Intermediate (WTI) was trading at $70.19 a barrel at the same time with a 0.15% fall after ending the previous session at $70.30 per barrel.
The fluctuation in the prices continue following the data on US commercial crude oil inventories which increased by 0.5% for the week ending July 16.
Inventories rose by 2.1 million barrels to 439.7 million barrels, marking the first increase after 8 weeks.
Increasing cases of Delta variant also hinder the oil prices as it rises concerns on the global economic outlook and the oil demand growth.
First found in India and reported to be more resistant to the existing vaccines, Delta has spread across 100 countries so far. The World Health Organization expects Delta to be the most dominant COVID-19 strain globally.
By Nuran Erkul Kaya