Brent crude oil traded near $102 a barrel on Friday on a strong US dollar, which contributed to a slash in prices.

Brent crude increased 15 cents to $101.98 a barrel while US crude rose 28 cents to settle at $94.73 a barrel, Reuters reported.

The prices of oil on both sides of the Atlantic declined about $1 on Thursday after the European Central Bank’s move to lower interest rates.

"Brent crude increased 15 cents to $101.98 a barrel while US crude rose 28 cents to settle at $94.73 a barrel, Reuters reported."

Investors are waiting for US jobs data, which is due to be revealed later on Friday.

This data would provide hints on the demand outlook and the dollar movement.

Data from the Energy Information Administration (EIA) revealed that US crude oil stocks fell by 905,000 barrels last week, while gasoline stocks declined by 2.3 million barrels.

Crude stocks at the Cushing, Oklahoma delivery hub declined by 385,000 barrels.

Meanwhile, the increasing production in the US and a glut of crude in the Atlantic basin and Asia, together with the potential for more exports from Libya and Iran, continued to reduce oil prices.

The oil output in Libya increased to 725,000 barrels per day (bpd) this week, which Reuters says was more than six times the level produced two months ago.

The success of negotiations between the West and Tehran regarding its nuclear programme is expected to bring additional Iranian barrels to the international markets.

Quoting Morgan Stanley analysts, Reuters adds: "We think any easing of sanctions (on Iran) will likely be negative for oil markets in the short term, but it is unlikely to be the significant sustained bear event for oil markets many may perceive."

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