Oil prices rose today as US plans to release strategic petroleum reserves faced opposition aided by hopes for a revival in North Sea crude output, which is expected to drop by 17% percent in September compared to August.

Japan, South Korea and the head of the International Energy Agency voiced resistance over plans to release US reserves to hinder a price rise, while Britain and France appeared open to discussing the possibility.

Brent crude for October climbed 54 cents to $114.25 a barrel while US oil gained 34 cents to $96.35.

Oil supply shortages were also affected when a car bomb killed two people in Libya on 19 August followed by an attack on a mosque in Yemen which killed seven people, reports Reuters.