Brent Oil Holds onto $105 but Oversupply Weighs on Prices

Brent crude rose to $105 a barrel on Monday to come off of a four-month low hit in the previous session, with worries about global oversupply still outweighing concerns about violence in the Middle East and North Africa.

Forecasts for a supply glut in West African and European markets help to push the Brent benchmark down 3.3 percent last week, despite geopolitical tension in Iraq, Libya and Ukraine.

Strong U.S. economic data that signaled a better demand outlook for oil in the world’s largest economy was also unable to support crude markets against the surplus barrels.

CNBC

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