But remained above $95 a barrel, experts said on Wednesday the global demand for crude oil will be slightly lower than previously expected.
Afternoon in Europe, benchmark crude for July delivery fell 7 cents, to $95.31 a barrel in electronic trading on the New York mercantile exchange. The contract fell 39 cents, closed Tuesday at $95.38 a barrel.
The international energy agency cut global oil demand by 80000 barrels a day in 2013. It now expects the world consumes 90.6 million barrels of 785000 barrels a day, more than one day in 2012.
"Relatively subdued macroeconomic conditions, growth in 2013 is expected to keep a lid," the paris-based international energy agency said in its monthly oil market report.
The IEA expects consumer to at the end of the year. Demand forecast for 1.1 million barrels a day higher than in the fourth quarter of 2013 compared with the same period in 2012.
The international energy agency (IEA) said that Opec output reached 30.89 million barrels a day in May, the highest level in seven months, and significantly more than the voluntary quota of 300000 barrels, reiterated that the organization at a recent conference, on May 31.
Higher production of Opec crude oil production in the United States rise and weak demand, have helped since May 2012, oil prices below $100 a barrel.
At the same time, many varieties of international crude oil benchmark, brent crude rose 25 cents to $103.27 a barrel on the ICE futures exchange in London.
In the New York mercantile exchange other energy futures trading:
- wholesale gasoline fell 0.36 cents to $2.8195 a gallon.
- heating oil was up 2.04 cents, closing at $2.8779 a gallon.
- natural gas was up 2.6 cents, closing at $3.75 per 1000 cubic feet.
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