Brent crude oil futures traded below $103 a barrel today due to ample supplies and a strong dollar.
October Brent crude declined 16 cents to $102.47 a barrel and US crude was down 34 cents at $93.62 a barrel, Reuters reported.
Saxo Bank senior commodity strategist Ole Hansen was quoted by the news agency as saying: "We’ve reached a stage where the market is looking to stabilise a bit.
"But we are still in a downward trend, as supply is rising."
Libya is increasing its oil production after restarting various facilities in the eastern part of the country.
Oil production in Libya, though still below the levels of about 1.4 million barrels per day (bpd) recorded last year, has increased to 612,000 bpd.
Meanwhile, exports from Iraq are continuing despite the Islamic insurgency in the northern part of the country.
The American Petroleum Institute said on Thursday that US production has reached its highest in 28 years because of a shale oil boom.
According to Reuters, the strong US dollar, just below its peak for this year, has increased pressure on oil prices, as it makes commodities dominated by the dollar more expensive for nations holding other currencies.
The value of the dollar picked up due to upbeat manufacturing data, a strong recovery in the jobs market and indications of an increase in interest rates by the US Federal Reserve.
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