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.
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.