PERTH Nov 18 U.S. crude oil futures slipped in
early Asian trading on Monday after a U.S. official said that an
agreement to curb Iran's nuclear program is "quite possible"
Major powers and Iran are scheduled to meet in Geneva on
Sanctions against Iran because of its nuclear program have
kept some 1 million barrels of oil off the global market. Any
agreement among nations could mean sanctions will be lifted,
increasing market supply and depressing prices.
Iran's chief nuclear negotiator on Sunday signalled there
might be a way around one of the main sticking points between
Tehran and world powers, saying that while Iran has the right to
enrich uranium, it does not insist others recognise that right.
* U.S. crude for January delivery fell 30 cents to
$93.54 a barrel by 0040 GMT.
* Brent crude fell 29 cents to $108.21 a barrel.
* Oil prices were suppored by comments from Janet Yellen,
likely to be the next Fed chief, suggesting that any tapering of
economic stimulus would not be imminent under her watch.
* Libya's deputy intelligence chief was kidnapped outside
Tripoli's international airport on Sunday, a month after the
prime minister was snatched by militiamen. On Friday, some 13
people were killed and more than 130 wounded in fighting between
Libyan militiamen and armed residents in Tripoli.
* In Iraq, the government has moved swiftly to restore calm
at its giant southern oilfields following violent protests.
Schlumberger Ltd, the world's top oil services company,
is expected to return to work next week at Iraq's biggest field,
* The oil market is anticipating refiners returning from
seasonal maintenance to draw down high crude oil stocks after
government data showed supplies rose by more than double
forecasts last week.
* Asian share markets were consolidating recent gains on
Monday, with investors encouraged both by the prospect of
extended stimulus in the United States and real economic reform
* The following data is expected on Monday:
0130 China Housing prices
0900 Euro zone Current account
1000 Euro zone Trade data
1400 U.S. Net capital flows
1500 U.S. NAHB housing index