As traders assessed the latent geopolitical tensions in several regions, the supply cuts in the United States and the resumption of production in Libya had clear impacts on the current values.

European benchmark Brent futures lost 31 cents, 0.39 percent, to 79.75 dollars a barrel, and US West Texas Intermediate (WTI) futures gave up 33 cents, 0.44 percent, to 74.43 dollars.

Brent fell back below 80 dollars a barrel, after breaching the threshold on Monday for the first time since December 26.

However, the resumption of supplies might be offset by disruptions in the United States due to extreme cold weather

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