* Brent, WTI face technical resistance after hitting
* U.K. Buzzard oilfield to undergo more maintenance in 2014
* Iran moves to cooperate in U.N. nuclear bomb probe
By Florence Tan
SINGAPORE, Feb 10 Brent crude eased back after
hitting a five-week high above $109 a barrel on Monday as
investors look ahead to more U.S. and Chinese economic data this
week that could shed greater light on the demand outlook in the
world's two largest oil consumers.
Investors will also closely track speeches this week from
the new head of the U.S. Federal Reserve, Janet Yellen, for
assurance that monetary policy will stay loose.
March Brent crude fell 33 cents to $109.24 a barrel
by 0349 GMT, easing from a session high of $109.75, its loftiest
since Jan. 2.
U.S. crude for March delivery was down 3 cents at
$99.85, after rising to $100.46 earlier in the session, the
highest since Dec. 27.
"We are striking resistances on both charts, Brent and West
Texas. I suspect that's containing the exuberance in the
market," CMC Markets chief strategist Michael McCarthy said.
"Should we push through say $100.50 on West Texas and $110
on Brent, we could see a spike on technical buying that could
continue the rally."
Oil jumped more than $2 on Friday as investors overlooked
lower than expected U.S. non-farm payroll data to focus on a
frigid winter that has boosted oil products demand.
"The overall picture of the economy remains one coming out
of recession and quite clearly in recovery mode," McCarthy said.
Brent prices could also be supported by tighter Forties
supply this year as Britain's biggest oilfield, Buzzard, will
undergo a total nine weeks of maintenance in 2014, rather than
the two weeks traders had expected.
Both the oil benchmarks appeared overbought on technical
charts, pointing to lower prices, said Tetsu Emori, a commodity
manager at Astmax Investment.
Investors were also treading cautiously amid risks in
emerging economies, he said.
Easing geopolitical tensions over Iran's nuclear programme
weighed on oil prices as supply from the OPEC producer could
rise if Tehran reaches a final deal with world powers.
Iran has agreed to start addressing suspicions that it may
have worked on designing an atomic weapon, the U.N. nuclear
agency said on Sunday.
Iran and six world powers are due on Feb. 18 to start a
final round of talks aimed at reaching a broader diplomatic
settlement with the Islamic state.
(Reporting by Florence Tan; Editing by Tom Hogue)