Brent hovered at around $106 a barrel on Tuesday as a frigid winter boosted heating oil demand in Europe and the United States, offsetting weak US and Chinese economic data.
Brent’s losses were also limited by reduced crude supplies from Libya and the North Sea.
Bad weather reduced output from Libya while Prime Minister Ali Zeidan stepped up the pressure on protesters blocking eastern ports on Monday, telling them he had weeks ago ordered troops to prepare to move there to end their blockade.
March Brent crude edged down 13 cents to $105.91 a barrel by 0711 GMT after two straight sessions of losses. US crude rose 18 cents to $96.61 a barrel following its largest daily percentage loss in nearly a month as it tumbled with US equities.
“Oil fundamentals seem supported in the short term because OECD distillates inventories are low,” Tony Nunan, a risk manager at Mitsubishi Corp in Tokyo said.
