Oil prices steadied this evening at the end of a week dominated by concerns over unrest in Libya and the Middle East.
Traders also digested revised US growth data, which showed that the country's economy grew more quickly than previously thought late last year, a key consideration as United States is the world's biggest oil-consuming nation.
This evening, Brent crude was up 20 cents to $115.92 a barrel, while US crude gained 25 cents to $105.85.
Oil traders have been making deals in recent days against a backdrop of anti-government protests that have spread across the Middle East and North Africa, with uprisings in Yemen, Syria and Bahrain after similar movements led to the recent fall of leaders in Egypt and Tunisia.
Oil-rich Libya was producing 1.69 million barrels a day before the unrest but this has been virtually halted since.
Meanwhile, official data showed that the US economy grew at an annual rate of 3.1% in the fourth quarter of 2010, up from the previous estimate of 2.8%.
Ahead of the data, the US government announced on Wednesday that US petrol stockpiles dived by 5.3 million barrels last week, The market is closely following the level of petrol reserves ahead of the summer driving season in the US starting in May, when many Americans hit the roads on holiday, pushing up fuel demand.
