Brent crude increased to $103 a barrel today amid persistent pressure of ample supply and weak economic growth in major consumer countries.
Reuters reported that Brent crude increased eight cents to $102.73 a barrel and US crude gained 18 cents to settle at $93.53 a barrel.
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China and Europe experienced slow growth, which curbed oil demand and affected supplies in the Atlantic Basin.
Global investors feel that there will be no supply disruptions despite violence in Libya, Iraq and Ukraine.
The oil production from countries such as Libya, Iraq, Iran and Nigeria is increasing despite conflict.
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The oil supply from these nations totalled less than 400,000 barrels per day (bpd) in July, down from 1.6 million bpd in September 2013.
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