Oil prices drifted lower on Thursday as traders awaited testimony from Federal Reserve chairman Ben Bernanke on the economic outlook for the world's biggest crude consuming nation, dealers said.
In late morning London deals, Brent North Sea crude for July fell 54 cents to $100.10 per barrel.
New York's main contract, West Texas Intermediate crude for delivery in July dipped 17 cents to $84.85 a barrel.
"For now, crude will trade off macro events while we do not expected a sustained rebound, as we consolidate above June lows in very jittery trading," said VTB Capital commodities analyst Andrey Kryuchenkov.
Later on Friday, Fed chief Bernanke will make a key speech to Congress, while investors will also digest the latest American unemployment figures.
In the US overnight, Atlanta Federal Reserve President Dennis Lockhart said the Fed might need to consider more monetary easing if economic growth in the world's largest oil consumer hit more road blocks.
Stating that monetary policy was "appropriate" for the moment, Lockhart said in a speech posted on the bank's website that the Fed would likely consider more action if growth stalled.
"Should it become clear that something resembling my baseline scenario of continued, though modest, growth is no longer realistic, further monetary actions to support the recovery will certainly need to be considered," he said.
Crude futures had risen Wednesday on the European Central Bank's signals of support to ailing eurozone banks.
The ECB's keeping interest rates on hold rather than cutting them also helped the euro strengthen, pulling crude prices up with it.
