Oil steadies above $92 after a week of sharp declines

The price of Brent crude steadied above $92 a barrel today following a week of sharp declines.

Reuters reported that Brent for November increased 25 cents to $92.56 a barrel while US November crude increased 30 cents to settle at $90.04 a barrel.

The price of Brent declined about 5% last week due to a strong US dollar, weak demand and excess supplies.

The news agency reported that Asian shares increased on Monday after strong US jobs data eased concerns over slower worldwide growth; European stocks also remained stronger.

The price of oil has declined in four of the last five weeks.

SEB chief commodity analyst in Oslo Bjarne Schieldrop was quoted by Reuters as saying that strong supply will continue to put pressure on prices.

Schieldrop said: "The main expectation is for a continued, very strong supply growth in the United States."

Violence in the Middle East is said to have not affected supply, with Islamic State militants failing to take control of oil producing provinces in the southern-Iraq.

The Organization of the Petroleum Exporting Countries (OPEC) did not confirm if it would cut supply at, or, before its meeting, which will be held on 27 November.

Analysts, however, expect the group to reduce production if the price of oil touches $90.