Wednesday, 23 May 2012 10:23
SINGAPORE: Brent crude slipped around 0.4 percent on Wednesday as a potential deal between Iran and the UN nuclear watchdog eased fears of oil supply disruptions, while concerns over the debt crisis in the euro zone and a slowing Chinese economy weighed on demand.
The UN's International Atomic Energy Agency expects to sign a deal with Iran soon to unblock investigations into suspected work on atom bombs in the oil-producing country, increasing the prospect of a resolution to a conflict over the issue.
Brent crude had dropped 46 cents to $107.95 a barrel by 0402 GMT and US July crude had fallen 56 cents to $91.29, with economic concerns weighing as the World Bank cut its economic growth forecast for China, the world's second-largest oil consumer.
Nagging fears of a messy Greek exit from the euro zone also remained ahead of a meeting of European leaders. Germany has dismissed a French-led call for ...