Brent crude oil increased to $103 a barrel on Wednesday, indicating a recovery from last week’s 14-month low.
Reuters reported that Brent crude for October delivery increased 43 cents to $102.93 a barrel while US crude grew 26 cents to $94.12 a barrel.
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Oil benchmarks on both sides of the Atlantic have declined by more than 10% since the middle of June this year and they are estimated to decline for a second month in a row, due to lower imports from the US and slow growth in China and Europe.
In the latest development, the Buzzard oilfield in the North Sea has been shut down for further maintenance works.
Buzzard operator Nexen was quoted by Reuters as saying that it is carrying out additional planned maintenance and briefly commenced production on Monday.
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The Buzzard oilfield in the North Sea has been closed since July.
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By GlobalDataThe violence from Islamic State militants in north Iraq did not affect oil exports from the southern part of the country.
Exports from Libya have also increased despite fighting between rival militias.
Investors are also awaiting the weekly oil inventories data from the US government, which are due to be revealed later on Wednesday.
Data from the American Petroleum Institute (API) revealed that crude inventories declined by 1.3 million barrels to 361.5 million in the week ended 22 August.
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