Oil prices rose slightly after the steepest one-week decline in four months, following increased supply from the US and Libya, and a muted demand outlook in China, dragging down crude prices.
Brent crude was up by 18 cents to $107.94 a barrel, while US oil rose by nine cents to settle at $99.51 a barrel, reported Reuters.
Crude prices increased slightly, ahead of economic data to gauge fuel demand outlook.
Oil traders are waiting for the US nonfarm payroll data, manufacturing data from the euro zone and HSBC’s final survey on China’s April factory activity data.
Reuters’ survey of economists revealed that US employment likely rose at its fastest clip in five months in April, further confirming that the world’s largest economy is back on track after a dismal winter.
Oil prices are under pressure as the global market may receive more oil from Libya, as the government resumed operations at the eastern Zueitina port and strong crude output in the US pushed inventories to another record high last week.
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Image: Oil traders await data from the euro zone, the US and China. Photo: courtesy of FreeDigitalPhotos.net/Victor Habbick.