Oil prices fell on Wednesday after industry data showed an increase in US Crude inventories and as Saudi Arabia pledged to keep markets balanced.
However, analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East.
Brent Crude futures were down 39 cents, or 0.5 percent, at $71.79 at barrel by 0658 GMT.
U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 59 cents, or 0.9 percent, at $62.54. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.
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