Oil prices fell today because of rising tensions in the Middle East after the EU stepped up plans to ban Iranian gas imports, while the continuing global economy woes remain regarding weak oil demand.
This week Turkey increased military action against Syria and won parlimentary approval for further attacks, against which the Brent crude prices increased by four percent.
Global economic woes continue as a quick turnaround in China, the world’s second largest oil consumer, may be delayed, while the eurozone is still teetering on the brink of recession.
Front-month Brent futures slipped 36 cents to $112.22 a barrel by 0642 GMT, while US crude futures fell 39 cents to $91.32 a barrel, following a fire at the largest operating refinery in the country.
US non-farm payrolls data is due later in the day, reports Reuters.