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Singapore - Brent crude edged lower toward $107 a barrel on Monday after six nations struck a new six-month deal with Iran to curb its nuclear programme and US President Barack Obama urged Congress not to impose additional sanctions on the country.
Crude oil prices trended lower following gains on Friday after weaker-than-forecast US non farm payrolls suggested the Federal Reserve may slow down tapering its bond-buying stimulus.
Contract
Brent crude for February delivery was down 18 cents at $107.07 per barrel early on Monday, after settling 86c higher on Friday.
US crude slipped 37c to $92.35 per barrel. The contract had settled $1.06 higher on Friday.
Investment analyst at Phillip Futures in Singapore, Chee Tat Tan, said: "Obama's comments act in favour of Iran and contribute to more downside in oil markets, given the potential inflow of Iranian barrels to oil markets."
The highly anticipated US jobs numbers on Friday showed a rise of just 74 000 in December...the smallest increase since January 2011.
Liquidity
"While the numbers were relatively disappointing, this will help alleviate expectations about Fed tapering," said Tan.
Massive bond purchases by the Federal Reserve have boosted liquidity and appetite for risky assets such as oil.
"All in all, I think the jobs data is slightly supportive for oil prices," said Tan.
Crude oil prices trended lower following gains on Friday after weaker-than-forecast US non farm payrolls suggested the Federal Reserve may slow down tapering its bond-buying stimulus.
Contract
Brent crude for February delivery was down 18 cents at $107.07 per barrel early on Monday, after settling 86c higher on Friday.
US crude slipped 37c to $92.35 per barrel. The contract had settled $1.06 higher on Friday.
Investment analyst at Phillip Futures in Singapore, Chee Tat Tan, said: "Obama's comments act in favour of Iran and contribute to more downside in oil markets, given the potential inflow of Iranian barrels to oil markets."
The highly anticipated US jobs numbers on Friday showed a rise of just 74 000 in December...the smallest increase since January 2011.
Liquidity
"While the numbers were relatively disappointing, this will help alleviate expectations about Fed tapering," said Tan.
Massive bond purchases by the Federal Reserve have boosted liquidity and appetite for risky assets such as oil.
"All in all, I think the jobs data is slightly supportive for oil prices," said Tan.
