Brent snaps 6-day rally; Iran support fades

Brent crude edged down on Wednesday as a six-day rally prompted some investors to lock in profits and Iran's threat to halt oil shipments via the Strait of Hormuz was seen by the oil market as no more than rhetoric.

Brent fell 85 cents to $108.45 barrel by 0934 GMT, after climbing more than a dollar in the previous session. Prices have surged over 5 percent since December 16.

U.S. crude turned negative, trading 40 cents lower at $100.94 by the same time.

Iran's first vice-president warned on Tuesday that the flow of oil through the Strait of Hormuz would be stopped if foreign sanctions were imposed on Iran's crude exports over its nuclear ambitions.

Read Full Article from Reuters

- Posted: 2011-12-28 15:38:31

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