Brent, US crude edge down

January 14, 2014 - 8:01:18 am
NEW YORK: Brent oil fell yesterday as the market absorbed news of a deal between Western nations and Iran to curb its nuclear programme and the resumption of production from a key North Sea oilfield.  

US oil fell by more than $1, then pared some losses, though continued to be pressured by poor U.S. jobs data that suggested an economic recovery in the world’s largest oil consumer may be faltering. The sharper drop in the US benchmark sent Brent’s premium to US oil to more than $15 for the second time in six weeks. 

“Those Friday employment numbers were really ugly and it has us thinking, ‘Gee things aren’t as good as we think they are,’” said Bill O’Grady, chief market strategist at Confluence Investment Management in St. Louis.

Brent crude for February delivery fell 30 cents to $106.95 per barrel by 1651 GMT. The contract had settled 86 cents higher on Friday. US crude slipped 75 cents to $91.97 per barrel, after closing $1.06 higher on Friday. Brent’s premium to US oil  last stood at $14.92 after widening by nearly $1 to $15.51 per barrel.