According to the latest figures released, the Brent futures fell towards $102 a barrel on Wednesday after US increased supplies and experts predicted a lower growth in global demand.

Brent has fallen 14 per cent since its highest level in 2013 due to increasing stockpiles in the US and weak demand for fuel in the Chinese economy. A report from the International Energy Agency (IEA) showed that the U. S. shale oil production is expected to rise further and this added pressure on the global fuel prices.

The prices of oil have also faced pressure in the global markets due to a stronger U. S. dollar in the previous few sessions. Stronger dollar makes commodities more expensive for holders of other currencies. Brent crude fell 20 cents to $102.40 a barrel after trading 22 cents lower. Meanwhile, US oil fell for the fifth straight day by 12 cents to $94.09.

The fuel prices were also dragged down by the latest data from Europe that showed that the region's largest economy, Germany has narrowly escaped recession in the first quarter of the year from January to March, 2013.