Brent crude oil has bounced off a 14-month low to reach close to $102 a barrel amid ample supplies despite violence in Iraq and Libya.
Reuters reported that Brent crude for delivery in October was up 46 cents at $102.02 a barrel, while the US crude contract for September delivery, which expires today, increased by $1.45 to $95.93 a barrel.
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Oil prices have declined by more than 12% from this year’s peak of $115.71 in June.
Russia-based Lukoil had shipped its first one million barrels of oil production from the West Qurna-2 oilfield in Iraq, despite the violence in the country.
Meanwhile, a spokesman for National Oil Corporation said the total oil production in Libya had increased to 562,000 barrels per day (bpd) from 535,000 bpd at the weekend.
Reuters reported that delegates from three members of the Organization of the Petroluem Exporting Countries (OPEC) said that the group was not worried about a slide in oil prices towards $100 a barrel.
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By GlobalDataThe delegates said the existing levels were seen as acceptable while higher seasonal demand in the coming weeks was anticipated to support the market.
The Energy Information Administration (EIA) is due to reveal the US government’s weekly snapshot of oil and refined product stocks.
The American Petroleum Institute revealed that crude inventories in the US declined by 1.4 million barrels last week, though stocks at Cushing, Oklahoma, increased by 1.7 million barrels.
