Brent oil futures open Friday’s trading session back over $112 a barrel as oil prices slid lower on a late day sell-off yesterday after reports emerged saying that the EU’s possible embargo of Iranian oil imports would likely be delayed up to six months.<\/p>\n
Latest Brent Oil Price<\/strong><\/p>\n In London, Brent crude oil futures for February 2012 delivery was trading at $112.17 a barrel, 07.05 GMT today on the ICE Futures Exchange.<\/p>\n The contract closed off Thursday’s trading session at $110.97 a barrel, or 1.1 percent lower.<\/p>\n Iranian Oil Embargo<\/strong><\/p>\n A EU embargo on imports of Iranian oil will probably be delayed for six months to let countries such as Greece, Italy and Spain find alternative supplies, an EU official with knowledge of the talks said.<\/p>\n The embargo, which would need to be accepted by the EU\u2019s foreign ministers on January 23rd, also is likely to include an exemption for Italy, so crude can be sold to pay off debts to Rome-based Eni SpA, Italy\u2019s largest oil company, according to the official, who declined to be identified because the talks are private.<\/p>\n A ban on petrochemical products would start sooner, about three months after EU ministers agree to the measure, the official said.<\/p>\n “Work by experts from the 27 member states is in a very intensive phase. They are looking into different options for restrictive measures with a view to adoption on Jan. 23.” Maja Kocijancic, a spokeswoman for the European Commission, said by phone yesterday from Brussels.<\/p>\n “That’s been the real driver behind this late-day sell-off. That’s been the only thing keeping prices in triple digits. Once you take the Iranian piece out of the puzzle, we’re left with poor economic data and poor US fundamental crude data. This is definitely an unwinding of that Iran premium.” said Matt Smith, an analyst at research firm Summit Energy.<\/p>\n<\/p>\n