Brent crude decreased 11 cents to remain steady at $124.05, following talks by the West to release strategic oil reserves, easing concerns over supply disruption in the Middle East.

France is in discussions with the UK and the US over the possible release of stocks.

Meanwhile, US crude slipped 9 cents at $105.32 due to crude inventories rising to 7.1 million barrels last week, the largest rise since July 2010.

Stockpiles at the Cushing delivery point in Oklahoma, US, soared to 1.04 million barrels to 39.56 million barrels, the highest level since May 2011.