Oil prices fell ahead of the French bond auction later today as fresh fears of a eurozone crisis rose.

Brent crude lost 29¢ to stand at $113.41 by 0520 GMT, while US February crude fell 30¢ to $102.92.

The EU has also agreed to cut off oil imports from Iran as tensions increase between the country and the West over its nuclear programme.

A national strike from trade unions may close production in Nigeria next week if the federal government fails to restore a scrapped fuel subsidy, reports Reuters.