Brent crude oil steadied above $105 a barrel on Tuesday as geopolitical tensions in North Africa and the Middle East balanced ample supply in the Atlantic basin.

Brent crude declined five cents to $105.36 a barrel while US crude was up 22 cents at $98.51 a barrel, Reuters reported.

The news agency said worldwide oil demand has been running below supply over the last few months, following a supply glut in West African and Atlantic markets.

"Meanwhile, oil output in Libya declined to about 450,000bpd from 500,000bpd last week."

China experienced a slowdown in the services sector’s growth in July 2014, suggesting that a recovery in the economy is still weak and may need additional support from the government.

Meanwhile, oil output in Libya declined to about 450,000bpd from 500,000bpd last week.

A spokesman for the state-run National Oil Corp said oilfields were still secure despite clashes between rival militias in Tripoli.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Oil production has declined from 1.4 million barrels per day a year ago due to strikes by oil guards and violence that led to damage of Tripoli’s main airport.

A preliminary survey of analysts by Reuters indicated that US commercial crude oil inventories declined by about one million barrels in the week ending 1 August, with no change in gasoline stocks.

Defence Technology