Brent crude oil prices fell to around $69 per barrel on Thursday after a recent rise to a seven-week high, as investors sold off some holdings to lock in profits.
The price dropped 0.37% to $69.06 a barrel. Over the past month, Brent has climbed 3.5%, but it is still slightly lower than it was a year ago.
The earlier price increase came after U.S. data showed a bigger-than-expected drop in oil stocks, surprising traders who had expected inventories to rise.
Global tensions have also been affecting oil prices. Drone attacks in Ukraine on Russian energy facilities raised concerns about possible fuel shortages. Kurdish oil exports remain on hold because of debt disputes, while NATO has warned it may respond strongly to Russian airspace violations.
Even with these supply worries, the market is feeling the effect of seasonal changes. Demand for oil usually slows after the summer peak, and concerns about too much supply are keeping prices in check.
Brent crude hit an all-time high of $147.50 per barrel in July 2008, highlighting how oil prices can rise and fall sharply over time.
