Brent oil fell towards $108 a barrel on Friday as supply disruption worries in the Middle East and North Africa continue to weaken.

Reuters reported that Brent was down 40 cents at $108.27 a barrel, while US crude declined 30 cents to $102.63.

Brent had hit a nine-month high above $115 a barrel in June 2014, following the violence in Iraq.

A Sunni Islamist insurgency took control of large parts of Iraq and closed the country’s largest oil refinery.

The news agency said the market is still nervous about additional supply shocks.

"A Sunni Islamist insurgency took control of large parts of Iraq and closed the country’s largest oil refinery."

The International Energy Agency (IEA) noted that oil output remained at risk in various key producing regions.

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By GlobalData

According to Reuters, oil markets in various consuming centres now have desired supply despite the violence in Iraq and Libya.

A spokesman for National Oil Corp said on Thursday that the southern El Sharara field in Libya is increasing production and has pushed the country’s oil output to 350,000bpd.

Investors are watching fighting between Israel and the Palestinians in Gaza.

Beijing may implement additional stimulus measures to support growth, which is expected to lift its oil demand.

Crude imports increased 10% in China in the first half of 2014, which analysts attributed to stockpiling.

Energy