Brent held steady under $119 a barrel on Monday, supported by the impact of sanctions on Iranian supply, while investors await key manufacturing data out of China for clues on the health of the world's No. 2 oil consumer.
Iran's crude exports have slipped to 2.1 million barrels per day (bpd), compared with an average of 2.3 million bpd in the last Iranian year that ended on March 19, Iranian oil officials said according to a report published on Friday.
Brent crude slipped 2 cents to $118.74 a barrel by 0151 GMT, while U.S. crude was 12 cents lower at $103.76.
Tightening western sanctions on Iran over the Islamic Republic's disputed nuclear programme helped send Brent prices above $128 a barrel in March, the highest since 2008.
The European Union is also planning an embargo on Iranian oil imports from July 1. While a review is possible in the next two months, there is no economic reason now to change plans for the ban, a senior EU official said on Friday.
At a Group of 20 finance ministers' meeting in the United States last week, officials issued a communique which outlined an agreement between the group and emerging nations to closely watch oil prices and carry out "additional actions" as needed and welcome the commitments by producing countries to ensure adequate supply.
FUNDAMENTALS
* NYMEX crude for June, was 7 cents lower at $103.81 a barrel by 2304 GMT. On Friday, NYMEX crude for May delivery expired and settled at $103.05 a barrel, gaining 78 cents, or 0.76 percent.
* Iran's crude exports have slipped to 2.1 million barrels per day (bpd), compared with an average of 2.3 million bpd in the last Iranian year that ended on March 19, Iranian oil officials said in a report on Friday.
* German business sentiment rose for a sixth month in a row in April. The Munich-based Ifo think tank said its business climate index inched up from March to its highest since July 2011.
MARKETS NEWS
* Iran's trading partners are looking for ways to avoid being hit by U.S. sanctions on Iranian oil transactions that take effect mid-year, with Turkey looking for other suppliers, India exploring options and smaller Asian countries arguing their imports from Tehran are tiny.
* The global financial crisis is not over and technical innovation and investment will be key to sustaining what remains a "tortuous" recovery, Chinese Premier Wen Jiabao said on Sunday during a visit to Germany.
* China's military warned the United States on Saturday that U.S.-Philippine military exercises have raised risks of armed confrontation over the disputed South China Sea, in the toughest high-level warning yet after weeks of tension.
* South Sudan on Sunday accused Sudan of launching fresh air strikes against the new nation, but Khartoum denied that, saying it had repulsed a "major" rebel attack on a town in its South Kordofan state.
Global finance chiefs pressed Europe in weekend talks to quickly put in place the economic reforms needed to finally extinguish its debt crisis now that newly increased financial buffers have bought some precious time.
DATA/EVENTS APRIL 23 2012
- Bank of England policymaker Paul Fisher to give speech at BBA annual liquidity conference at 0900 GMT.
- Jens Weidmann, President of the Deutsche Bundesbank to give speech on "Global economic outlook - What is the best policy mix?" at The Economic Club of New York - 1545 GMT
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