Oil falls as South Sudan plans to resume crude production

Oil markets fell today following news that South Sudan may resume crude production, easing concerns about disruption of supplies from Iran.

South Sudan said it intends to resolve a row over oil and other outstanding issues with Sudan within the next couple of months.

Brent crude fell by 23 cents to $124.90 a barrel, while US crude was down 28 cents to $106.59.

A restart at South Sudan's oil fields will bring output back to about 350,000 barrels a day, up from around 50,000 currently being produced daily, reports Reuters.