Brent crude fell below $107 a barrel on Monday after six nations struck a fresh six-month deal with Iran to curb its nuclear programme and U.S.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 U.S.non farm payrolls suggested the Federal Reserve may slow tapering its bond-buying stimulus.
Brent crude for February delivery was down 50 cents under $107 per barrel. The contract had settled 86 cents higher on Friday. U.S. crude slipped 80 cents to under $92 per barrel, after closing $1.06 higher on Friday.
The highly anticipated U.S. jobs numbers on Friday showed a rise of just 74,000 in December, the smallest increase since January 2011, which suggested the Fed may take it easy in tapering its bond purchases that have boosted liquidity and appetite for risky assets such as oil.
A deal between Iran and six major powers intended to pave the way to a solution to a long standoff over Tehran's nuclear ambitions will come into force on Jan. 20, the Iranian Foreign Ministry and the European Union said on Sunday.Sanctions against Iran over its nuclear programme have kept about 1 million barrels per day of oil off global markets, but an agreement reached Nov. 24 last year raised hopes of a long-term deal that could see Iran resuming full exports.
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