Oil traded around $107 a barrel on Friday amid tensions in oil producing regions, which failed to take the prices higher.
Reuters reported that Brent crude for September delivery traded 13 cents higher at $107.20 a barrel, while US crude for September delivery was down eight cents at $101.99 a barrel.
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The ongoing violence in Iraq, Ukraine and Gaza did not affect oil prices due to ample global supplies.
The news agency said German business sentiment fell for a third consecutive month in July, suggesting companies in Europe’s largest economy are worried about the situation in Ukraine, Iraq and Gaza.
Meanwhile, a spokesman for state-run National Oil Corporation said oil production has increased to 500,000bpd in Libya, but there is no progress on reopening Brega oil port following an agreement to end a protest there.
The authorities in Gaza said Israeli forces shelled a shelter at a UN-run school on Thursday, killing around 15 people.
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By GlobalDataThe US Labor Department unemployment data has also supported oil prices, indicating that the economic recovery was on track, with first weekly jobless claims declining to their lowest since February 2006.
Data from Genscape revealed that oil inventories in Cushing, Oklahoma, declined another 163,000 barrels in the four days ending 22 July.
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