Global oil prices steadied today after lacklustre US economic data that has fuelled bearish sentiment about demand in the world's top crude consumers, analysts said.
In late morning London deals, Brent crude for delivery in August rose 13 cents to trade at USD 113.34 a barrel compared with yesterday's close.
US benchmark West Texas Intermediate for August dipped a cent to USD 105.38 a barrel.
The US Commerce Department said yesterday that consumer spending rose a mere 0.2 per cent in May after flattening in April, raising questions about recovery in the world's biggest economy.
"This has cast doubt on the growth outlook for the second quarter of this year, particularly after a wider-than-expected contraction in the first quarter," Desmond Chua, market analyst at CMC Markets in Singapore, said, referring to weak GDP figures released Wednesday.
The report comes after the Energy Information Administration on Wednesday reported an unexpected build-up in US crude inventories last week.
A rise in US stockpiles is typically indicative of weakening demand in the energy-guzzling nation, which would in turn put pressure on prices.
Markets remained focused on the 1.7 million barrel surge in the week ending June 20 "in the absence of new drivers in the market", Singapore's United Overseas Bank said.
Traders are continuing to keep a close watch on crude producer Iraq, where sectarian violence has continued unabated for nearly three weeks.
Jihadist insurgents have captured swathes of Iraqi territory in a lightning offensive that began on June 9, but they have yet to directly threaten the key oil-producing region in the south.
Oil prices have held under last week's nine-month peaks as the violence has failed to dent Iraqi crude output.
Last week, Brent oil had soared to USD 115.71 a barrel, while WTI crude hit USD 107.73 on fears over Iraqi supplies. Both were levels last seen in September 2013.
