West Texas Intermediate oil futures edged lower on Thursday, as concerns over U.S. demand for oil and fuel products like gasoline drove prices lower.
On the New York Mercantile Exchange, crude oil for delivery in October inched down 0.29%, or 27 cents, to trade at $93.61 a barrel during European morning hours.
Prices held in a narrow range between $93.46 and $93.93 a barrel. A day earlier, U.S. oil prices eased up 0.02%, or 2 cents, to end at $93.88 a barrel.
Futures were likely to find support at $93.05 a barrel, the low from August 25 and resistance at $94.45 a barrel, the high from August 21.
Weekly supply data released Wednesday showed that total motor gasoline inventories in the U.S. decreased by 960,000 barrels, compared to forecasts for a decline of 1.1 million barrels,
The lower than expected drop in gasoline stocks during the peak summer driving season in the U.S. was seen as bearish for oil prices, amid speculation of slowing demand.
Market players awaited the release of key U.S. data later in the session for further indications on the strength of the economy and the future course of monetary policy.
The U.S. will release data on second quarter gross domestic product, as well as reports on pending home sales and initial jobless claims on Thursday.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery shed 0.23%, or 23 cents, to trade at $102.49 a barrel.
London-traded Brent prices hit a 14-month low of $101.07 on August 19, as global supplies were seen as ample despite ongoing violence in Ukraine and the Middle East.