Brent crude oil dropped below $103 a barrel today amid increased supplies and a slowdown in manufacturing growth in Europe and China.
Reuters reported that Brent crude declined 30 cents to $102.89 a barrel while US crude traded 40 cents lower at $95.56 a barrel.
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The manufacturing growth in the Euro zone slowed largely in August and factory activity in various nations appeared to be sluggish.
The factory output in France declined at the fastest rate in 15 months in August.
The factory growth in China dropped to a three-month low in August following less demand in foreign and domestic sectors.
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However, oil supply continued to be stronger and better, meeting demand, which resulted in the reduction of prices.
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By GlobalDataLibya’s state-run National Oil Corp (NOC) said on Sunday that the oil output in the country has increased in recent months, rising to 700,000 barrels per day (bpd).
Meanwhile, Sunni militants took control of a town in northern-Iraq and the US carried out air strikes near the town.
Reuters reported that the Iraqi army and Kurdish forces have been battling Islamic State fighters to take control of the town.
The violence did not, however, affect the exports from Iraq’s southern oil port.
Gazprom Neft and Korea Gas have started commercial production at the joint Iraqi Badra oilfield. Both companies plan to initially produce 15,000 bpd.
