The price of oil finished with a small loss Monday as traders waited for potentially market-moving news at midweek.
US benchmark crude for August delivery slipped eight cents to US$103.14 a barrel on the New York Mercantile Exchange.
Brent crude dropped 29 cents to US$107.43 on the ICE Futures exchange in London.
Oil was pushed higher last week by worries that turmoil in Egypt could disrupt shipments through the Suez Canal and a report showing robust job growth in the United States in June.
Later this week, the US Energy Department releases its weekly report on supplies of crude oil and petroleum products, the US Federal Reserve releases minutes of its recent policy meeting and OPEC issues its monthly update on the oil market.
A large decline in US supplies, or signs that OPEC decreased output last month could boost prices, analysts say.
Additional insight into the Fed’s thinking on monetary policy should also influence trading.
In other energy futures trading on the Nymex Monday, wholesale gasoline dropped one cent to US$2.88 per gallon; natural gas rose 12 cents to $3.74 per 1,000 cubic feet, and heating oil fell one cent to US$2.98 per gallon.
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