Oil prices down on ebbing supply fears

SINGAPORE, Aug 12 (AFP): Oil prices fell in Asia Tuesday on easing concerns about supply disruptions arising out of conflicts in Ukraine and Iraq, analysts said.
US benchmark West Texas Intermediate for September delivery eased 33 cents to $97.75 while Brent crude for September was down 38 cents to $104.30 in afternoon trade.
Singapore's United Overseas Bank said investors are taking "a more optimistic view on Ukraine and Iraq although developments in these troubled regions remain on their radar".
In Iraq, the OPEC cartel's number-two producer, US air strikes that began last week have buoyed Kurdish forces who are battling to turn the tide on two months of expansion in the north by Islamic State extremists.