Publications
Partners
Singapore - Brent crude fell below $107 a barrel on Thursday, as expectations of more supply from the Middle East and North Africa outweighed a large drop in US crude stockpiles.
Major world powers and Iran continued to move ahead on an interim deal that eases some sanctions on Tehran in exchange for curbs on its nuclear programme.
Tony Nunan, oil risk manager at Mitsubishi in Tokyo said: "The Iran situation is a bearish factor for Brent, but a lot can still go wrong and Iran could continue to support the market in the long term."
Brent crude for February delivery was down 40 cents at $106.73 per barrel Thursday morning after settling 74c lower. The contract expires later on Thursday.
Stimulus programme
US crude rose 5c at $94.22, after ending up for a third straight day on Wednesday, $1.58 higher. The February contract expires next Tuesday following a long US holiday weekend.
Oil was supported by data showing US crude oil inventories shed 7.7 million barrels last week, compared with estimates of 600 000 barrels, the largest seven-week fall since records began.
The drop extended this week's gains in US oil.
Both benchmarks had shown downwards trends since the end of December, in part due to expectations that the Federal Reserve could curb its commodity-friendly monetary stimulus programme.
Major world powers and Iran continued to move ahead on an interim deal that eases some sanctions on Tehran in exchange for curbs on its nuclear programme.
Tony Nunan, oil risk manager at Mitsubishi in Tokyo said: "The Iran situation is a bearish factor for Brent, but a lot can still go wrong and Iran could continue to support the market in the long term."
Brent crude for February delivery was down 40 cents at $106.73 per barrel Thursday morning after settling 74c lower. The contract expires later on Thursday.
Stimulus programme
US crude rose 5c at $94.22, after ending up for a third straight day on Wednesday, $1.58 higher. The February contract expires next Tuesday following a long US holiday weekend.
Oil was supported by data showing US crude oil inventories shed 7.7 million barrels last week, compared with estimates of 600 000 barrels, the largest seven-week fall since records began.
The drop extended this week's gains in US oil.
Both benchmarks had shown downwards trends since the end of December, in part due to expectations that the Federal Reserve could curb its commodity-friendly monetary stimulus programme.
