Brent crude fell 15 cents to $123.49 a barrel today due to worries over demand growth, although further falls were halted because of fears about a drop in supply as Iran exports less crude to the West.

India’s Mangalore Refinery and Petrochemicals plans to cut its yearly Iranian oil import deal by 44%, reports Reuters.

Meanwhile, US crude rose two cents to $106.71 a barrel, as investors await the US and China jobs data report expected on 9 March.

China has set its 2012 growth target at 7.5%, lowering its long-standing annual goal of 8%, which led to fall in shares.