Brent futures traded above $111 a barrel today amid signs of an improving demand outlook.

Reuters reported that Brent crude increased 13 cents to $111.13 a barrel, while US oil lost nine cents to settle at $103.97 a barrel.

The news agency said the benchmark is still set to post its biggest weekly loss since early January, as supply worries recede.

US oil futures have declined for seven days continuously, for the first time since December 2009, over expectations of additional shipments from Libya and Iran.

"Libya has recently ended an oil crisis by signing an agreement with rebels to reopen two oil terminals."

Investors are awaiting the progress of negotiations between Tehran and world powers to end the dispute over its nuclear programme.

Libya has recently ended an oil crisis by signing an agreement with rebels to reopen two oil terminals.

Reuters said the positive signs of US growth followed Chinese factory data reaching a multi-month high in June, adding to the expectation that demand for oil would remain solid.

Investors are still worried about the violence in Iraq that has been ongoing for several days.

The Islamic State group militants took control of the largest oil field in Syria from rival Islamist fighters on Thursday.

The transfer in control of the field is expected to have little impact on the worldwide oil markets.

Energy