Brent drops towards $111/bbl; EU, Iran eyed
1/30/2012 11:00:39 AM
SINGAPORE: Brent crude edged down on Monday as investors cautiously eyed a European Union summit for a resolution to the region's debt crisis, but prices stayed above $111 per barrel on concerns over supply from Iran and South Sudan.
EU leaders are expected to sign off on a permanent rescue fund for the euro zone at the summit on Monday and agree on a balanced budget rule in national legislation, with unresolved problems in Greece casting a shadow on the discussions. Asian shares, base metals and gold were trading lower on concerns about Europe. Brent crude fell 36 cents to $111.10 a barrel by 0423 GMT and U.S. crude was down 46 cents at $99.10 a barrel. Both contracts gained more than 1 percent last week.
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