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.
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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By GlobalDataIraqi Kurdistan has exported some cargoes, despite the Islamist insurgency in the northern part of the country.
Iraq and Libya continue to be politically unstable.
Libyan ambassador to Egypt Mohamed Jibril has called for foreign help to protect natural resources, airports and institutions.
After air strikes in Iraq, the US is readying military options to increase pressure on the Islamic State in Syria.
