Oil prices fell slightly this morning as fears of a slowdown in global economic growth and fuel demand outweighed concerns about undersupply, CNBC reported. 

North Sea Brent lost 8 cents or 0.1 percent to $ 113.04 a barrel after adding 1 percent earlier.

Last month's delivery prices fell 7.3 percent last week, the first weekly drop in five weeks. 

Oil down before the expected rise in US interest rates

US light crude was down $ 109.49 a barrel, down 7 cents from an earlier rise of $ 1.

Last week, futures for this variety lost 9.2 percent. 

"Clearly, macroeconomic factors are currently pushing oil prices rather than major market forces," said Warren Patterson, head of ING's commodity trading department. 

Oil from Russia, the world's second-largest exporter, remains inaccessible to most countries due to sanctions imposed on Moscow since the invasion of Ukraine.