Oil prices edged lower as rising Middle East crude exports and a release of oil stocks by the Group of Seven nations boosted supplies, offsetting concerns about further damage to Gulf oil infrastructure amid the US-Israeli war on Iran, reports Reuters.

Brent crude futures fell 66 cents, or 0.65 per cent, to $101.59 a barrel, while US West Texas Intermediate crude was at $90.12 a barrel, down 95 cents, or 1.03pc.

Brent gave up most of its gains last week while WTI was 1.6pc lower after G7 countries agreed on Friday to release 100 million barrels of diesel and crude from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.