Brent Oil Holds Above $102 Despite Monthly Loss

Brent crude held above $102 a barrel on Friday, but prices were heading for a second monthly loss as ample supply and softening demand in Europe and China outweighed geopolitical concerns.

The European benchmark plunged over 12 percent from a nine-month high reached in June to a more than one-year low last week as bleak demand led to an oil supply glut in the Atlantic Basin.

Brent rose 24 cents to $102.70 a barrel by 0247 GMT and U.S. crude gained 9 cents to $94.64 a barrel, underpinned by U.S. data showing faster than initially thought second-quarter growth in the world’s top economy.

CNBC

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