Oil slips under $125 on growth concerns

Oil prices fell more than $1 per barrel on Monday, snapping four days of gains as worries over supplies from the Middle East eased and investors focused on slowing economic growth in China and Europe.

Tension between Iran and the West over Tehran's nuclear programme has raised fears this year of a disruption to oil supplies from the Mideast Gulf but talks on the dispute are due to start soon, calming fears of an immediate crisis.

European economies are either contracting or stalled and there are increasing doubts whether the U.S. Federal Reserve will maintain its loose monetary policy, which has been a major support for growth.

Brent crude oil futures for April fell to a low of $124.20, down $1.78, before recovering a little trade around $124.50 by 1425 GMT. U.S. crude dropped to an intra-day low of $105.38, down $2.02.

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- Posted: 2012-03-12 11:13:51

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