Tanker vessel

  (Reuters)

Brent crude futures inched up in early Asian trade on Monday after a plan by the United States to release its strategic petroleum reserves met opposition, while expectations of a revival in North Sea crude output also limited gains.

Oil prices slipped last week after a source said the White House was "dusting off" plans for potentially tapping the Strategic Petroleum Reserve, as high energy costs from undermining the success of Iran sanctions.

Japan and South Korea as well as the head of the International Energy Agency (IEA), the energy watchdog of the West, said on Friday there was no reason to release U.S. reserves to arrest the rise in gasoline prices.

According to Reuters, Brent crude for October rose 52 cents to $114.23 a barrel by 0252 GMT. U.S. oil added 24 cents to $96.25.
Brent has risen more than a third in less than two months from the year's low of $88.49 on supply concerns after a dispute between Iran and the West over its nuclear programme.

"The market may have reason to believe that it was scare-mongering, especially if the IEA is suggesting it won't be supportive of the release of reserves," said Natalie Robertson, an analyst at ANZ in Sydney.

"Brent has been supported by the ongoing disruption in North Sea supplies, but they are expected to ease in the coming months, which could dampen prices."