Brent crude futures remained above $97 a barrel today amid firm US economic data and steady China PMI.
However, due to ample supllies, oil remains on course for its deepest quarterly drop in more than two years.
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Reuters reported that Brent for November delivery increased 8 cents to $97.28 per barrel and US crude was up 2 cents at $94.59 a barrel.
Brent has declined approximately 6% in September and US crude approximately 1.5%. Ample supplies have led to the decline in oil prices in September and the third-quarter of this year.
A private survey has shown that activity in China’s factory sector has steadied in September amid increases in exports.
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Meanwhile, Iran has urged Organization of the Petroleum Exporting Countries (OPEC) members to make concerted efforts to offset the decline in oil prices.
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By GlobalDataThe news agency said Saudi Arabia is, however, not in favour of this move.
A spokesman for Libya’s state-run National Oil Corp (NOC) said on Sunday that a strike has reduced the country’s oil production by 25,000 barrels a day to 900,000 barrels per day (bpd); however, this production is still up from a low of 200,000 bpd, registered earlier this year.
Japanese trade ministry data revealed that the country’s domestic oil product sales declined for the fifth straight month in August, compared with a year earlier, they are down approximately 10% to 2.91 million bpd.
The American Petroleum Institute is due to unveil its weekly oil data later today.
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