Brent crude rose by 29 cents at $103.76 a barrel today, reversing earlier losses weighed by the eurozone debt crisis and weak global demand.

A rebound in the euro gave a boost to oil prices, but the biggest monthly percentage drop in two years is on the cards as economic problems in Spain continue and investors fear Greece will exit from the eurozone.

US crude rose seven cents to $87.89 a barrel owing to a rise in domestic oil stockpiles amounting to 36 million barrels, according to the US Energy Information Administration (EIA).