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
Brent crude fell below $102 a barrel on Monday, drawing close to a 14-month low hit last week, as ample supply and a stronger US dollar continued to pressure oil markets.
Geopolitical tensions in Ukraine and Libya underpinned oil,
Brent crude oil futures drifted lower on Friday, further below $103 a barrel, as a strong dollar and plentiful supplies continued to pressure prices.
October Brent crude was down 13 cents to $102.50 a barrel by 1122 GMT. US crude
Brent slipped below $102 a barrel on Thursday, near a 14-month low hit earlier this week, as concerns over excess oil supply and slowing demand weighed on prices.
A survey on China's factory activity showed that growth in the
Brent crude fell below $103 a barrel on Monday as Libya increased its oil output and as worries over supply from key producer Iraq eased.
The drop came following a jump of more than $1 a barrel in benchmark prices on both sides of
Saudi Arabia’s oil buffer is ample and Brent will not likely fall below $100 per barrel for long, unless Saudi wants it to, said a report released by BofA Merrill Lynch Global Research.
If oil averages $105 per barrel, Saudi
Brent crude slipped below $103 a barrel on Wednesday to trade near its lowest level in more than a year as ample supplies countered any disruption risks posed by lingering tensions in Iraq and Libya.
It was the fourth day of losse
Brent crude oil fell below $104 a barrel on Tuesday, its lowest level in nine months as steady supplies dispelled concerns over potential disruptions in producers such as Iraq and Libya.
The International Energy Agency (IEA) said
Brent crude hovered above $105 a barrel on Monday, dropping from a one-week high hit on Friday, as US intervention in Iraq eased concerns over the risk of disruption to supply from Opec's second-largest producer.