Brent crude was little changed just below $98 a barrel on Tuesday, holding gains after recovering from its lowest price in more than two years but capped by a soft global economic outlook.
Data reflecting lacklustre manufacturing
Brent crude slumped to a more than two-year low under $97 per barrel on Monday as a slew of lacklustre economic data from China, the world's top energy consumer, cast a shadow on the outlook for oil demand amid abundant global supplies.
World oil demand growth is softening at a remarkable pace as the European and Chinese economies falter, the West's energy watchdog said on Thursday, while supplies grow steadily, particularly from North America.
Brent crude nudged higher to stay above $98 a barrel on Thursday amid geopolitical concerns in the Middle East, although worries about ample supply and weak demand that dragged prices to 17-month lows in the previous session kept a lid on gains.
Brent crude oil prices fell to a 17-month low below $100 per barrel in volatile trade on Tuesday, a fourth straight daily decline as ample supplies weighed, while US crude rose on the expectation of dwindling fuel stockpiles.
Brent crude slid below $100 a barrel on Monday for the first time in more than a year as Chinese and US data pointed to slower-than-expected growth in the world's top oil consumers.
Weak economic growth combined with ample sup
Brent crude continued to fall on Monday and stayed below $101 a barrel after disappointing US jobs data outweighed buoyant Chinese export and oil import figures.
Brent and U.S. crude futures both fell more than $1 on Friday after
Brent crude slipped towards $102 a barrel on Thursday, reversing some of the sharp overnight gains, as US industry data showed fuel stocks rose last week in the world's biggest oil consumer, raising fresh doubts on the strength of demand.
Brent crude held steady above $103 a barrel on Monday, as a recent rebound in oil prices was checked by fresh data suggesting a slowdown in China's factory activity.
Oil prices on both sides of the Atlantic registered a second
Weak demand, combined with more than enough oil production, caused the Brent oil price to drop below $100 per barrel (bbl), the lowest level in 14 months, according to a report.
Iraqi Kurdistan increased oil production and Libya a