Brent crude falls on global growth worries, Iran talks

Tue Mar 6, 2012 8:21pm GMT
 

NEW YORK, March 6 (Reuters) - Brent crude oil futures fell more than 1 percent on Tuesday as worries of slower global economic growth and concerns over Greek's debt crisis reduced the euro's value against the dollar, lessening investor appetite for riskier assets such as oil and equities.

News that world powers accepted Iran's offer for talks about its nuclear program allayed some fears of supply disruption from the Islamic Republic, also pressuring crude to shed some risk premium.

In London, ICE Brent crude for April delivery settled at $121.98 a barrel, declining $1.82, or 1.47 percent, after trading between $121.59 to $124.39.

(Reporting by Gene Ramos; Editing by Lisa Shumaker)

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UK £ USD =1.6578
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