Brent crude slipped by 14 cents a barrel to stand at $113.57 today as investors remained concerned over Europe’s debt crisis.

US crude stood at $98.07 a barrel after gaining 29 cents and is heading for a 3.6% weekly rise, its sixth consecutive gain.

Oil prices were also supported by positive economic data in the US as claims for unemployment benefits fell last week and trade deficit shrank in September, reports Reuters.

Global crude supply may also be affected by new sanctions to be imposed against Iran and Syria while rising production from Libya could make up the shortfall.