US crude slipped by 16¢ to stand at $79.52 a barrel as crude stocks fell to 336.28 million barrels, their lowest level since January 2011.

Brent November crude fell by 37¢ to $102.36 over reports that Libya’s largest oilfield could be damaged.

Oil prices were supported by hopes that Europe could stabilise its banking sector, according to Reuters.

Petrol stocks fell to 1.14 million barrels, while distillates dropped 744,000 barrels, according to the US Energy Information Administration.