By Dmitry Zhdannikov
LONDON (Reuters) - Oil prices steadied above $47 a barrel on Tuesday helped by a new Libyan supply disruption but concerns over a global glut of crude and refined fuel capped gains.
A protest over wages that shut the eastern Libyan oil terminal of Hariga forced the operator of the Sarir field to suspend production of 100,000 barrels per day.
Libyan news and a rebound in stocks on the back of better than expected results by Wall Street Bank Goldman Sachs (N:GS) helped push oil prices slightly up but analysts said the market fundamentals still looked bearish.
"We are about to enter a period where the crude oil markets could start to feel more fully the pressure resulting from the come-back of Iran," said Olivier Jakob at Petromatrix consultancy. "Saudi Arabia is moving out of its peak seasonal demand for crude oil right when global refining margins are under strong pressure, and that is not a good combination."
The market also awaited U.S. crude stocks data on Tuesday and Wednesday to help give direction to prices.
Brent crude (LCOc1) was up 26 cents to $47.22 a barrel as of 1225 GMT, after falling 65 cents, or 1.4 percent, on Monday.
U.S. crude, known as West Texas Intermediate (WTI), (CLc1) rose 18 cents to $45.42 a barrel after settling 71 cents, or about 1.6 percent, lower in the previous session.
Fuel inventories in the United States, Europe and Asia are brimming despite this being the peak summer driving season, leading traders to store diesel on tankers at sea as growth in demand eases. With landed oil product storage nearly full as well, there is little support for any sustained recovery in crude prices even as output tapers.
U.S. shale oil production is expected to fall in August for a 10th straight month, by 99,000 barrels per day (bpd) to 4.55 million bpd, according to a U.S. drilling productivity report on Monday.
Further weighing on supply, U.S. commercial crude oil inventories probably fell by 2.2 million barrels last week, a Reuters poll showed on Monday.
That would be the ninth consecutive week stocks have fallen.
The poll was taken ahead of weekly oil stocks reports due on Tuesday from the American Petroleum Institute (API) and on Wednesday from the U.S. Department of Energy's Energy Information Administration (EIA).