Oil prices had increased 2% in early trading, due to the shutdown of Libyan production in addition to  fears that unrest might spread to Saudi Arabia itself.

But prices fell back again after Saudi state oil company Aramco announced that all demands for extra oil had been met.

It came as a further boost that the eastern Libyan port of Tobruk had reopened and a Chinese tanker was being loaded.

By 1230 GMT, Brent crude was slightly higher for the day at $112.75, while US light, sweet crude was largely unchanged at $98.25.

Brent had earlier reached $114.50 - still well below its Thursday peak of $119.80 - while US light, sweet crude hit $99.50.