Brent value dropped today following expectations of more supply from the Middle East and North Africa, weighing on the crude futures.

According to Reuters, Brent crude dropped by $0.21 to $105.54 a barrel, while US crude gained $0.14 to $94.08 a barrel.

The Brent prices slipped toward $105 as crude production for Libya has partially recovered after it resumed production at the El Sharara field.

"Iran expects fellow OPEC members to cut back output."

Brent future was on downhill with the progress in nuclear talks between the major powers and Iran which could soon ease sanctions that have curbed exports from the OPEC producer.

If the dispute over Iran’s nuclear programme is resolved, the country will soon be able to release more supply into world markets, which may add to the oversupplied market, adding pressure to Brent value.

Iranian Foreign Minister Mohammad Javad Zarif said: "Iran expects fellow OPEC members to cut back output and make room for rising oil supplies from Tehran when Western sanctions are lifted."

But the prices might however get some support in near future, as domestic tensions continue to threaten the oil sector in Libya.

In this week, Libyan authorities have held discussions with the protesters who threatened to restart a blockade of the El Sharara field.

Crude will also get more support as Iraq’s supply may cut-down in February on loading delays due to bad weather.

Energy