Brent steady as euro demand offsets supply disruptions

22 January 2012 (Last Updated January 22nd, 2012 18:30)

Brent crude remained steady at $109.86 a barrel this morning, as concerns about European demand offset worries about supply disruptions from the Middle East.

Brent crude remained steady at $109.86 a barrel this morning, as concerns about European demand offset worries about supply disruptions from the Middle East.

Eurozone finance ministers will meet today to finalise the terms of debt restructuring as part of Greece's second bailout package, reports Reuters.

EU governments will also decide on new economic sanctions against Iran over its nuclear programme, including plans to phase in an oil embargo.

US crude slipped 56¢ to $97.77, after dropping to $97.40, the lowest since 21 December 2011. But any plan to tackle Greece's debt crisis and an Iranian oil embargo could help push US crude back above $100 this week, Ben Le Brun, market analyst at OptionsXpress told Reuters.