Brent drops below $111/bbl; EU, Iran eyed

30/01/2012 10:59 AST

Brent crude fell on Monday as investors cautiously eyed a European Union summit for a resolution to the region's debt crisis, but prices hovered near $111 per barrel on concerns over supply from Iran and South Sudan.

EU leaders are expected to sign off on a permanent rescue fund for the euro zone at the summit on Monday and agree on a balanced budget rule in national legislation, with unresolved problems in Greece casting a shadow on the discussions. Asian shares, base metals and gold were trading lower on concerns about Europe.

Brent crude fell 48 cents to $110.98 a barrel by 0711 GMT and U.S. crude was down 73 cents at $98.83 a barrel. Both contracts gained more than 1 percent last week.

"The deteriorating economy in Europe is being priced in and there is a concern on whether we'll face a EU-led recession," said Victor Shum, senior partner at oil consultancy Purvin & Gertz.

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