Crude oil dropped as supply risks eased in Iraq and Libya. Kurdish forces took over the Bai Hassan and Kirkuk oilfields today, Iraq's Oil Ministry said in a statement. Libya's supply rose as the Sharara field resumed output and two oil-export terminals reopened. The Kurds have taken over more fields in northern Iraq, which could lead to an increase in exports.

WTI for August delivery dropped to $101.33 a barrel (-1.55%) on the New York Mercantile Exchange.

Brent for August settlement fell to $106.92 a barrel (-1.53%) on the London-based ICE Futures Europe exchange.