Brent crude oil remains near a 13-month low today, below $103 a barrel, amid ample supplies and concerns about a shaky European Union (EU) economic outlook.

Reuters reported that October Brent crude edged up 20 cents to $102.27 a barrel while US crude declined 10 cents to $95.48 a barrel.

Growth in Germany and France came to a halt in the second quarter, and implied oil demand in China declined 6% in July from June, according to the news agency.

The Organization of the Petroleum Exporting Countries’ (OPEC) July production was at a five-month high of more than 30 million barrels per day, with more output expected following the reopening of eastern oil ports in Libya.

A National Oil Corporation (Noc) official said that Libya is set to restart oil exports from Es Sider port shortly, following a year-long closure due to protests.

The first oil export in 12 months from Ras Lanuf port left earlier this week.

Meanwhile, Nuri al-Maliki has stepped down as prime minister of Iraq, ending the fight over control in Baghdad.

A new coalition government is expected to be formed to tackle a Sunni Islamist insurgency in the northern part of the country.

Defence Technology