Brent steady at about $113 as growth concerns counter Iran

SINGAPORE: Brent crude was flat at about $113 a barrel on Friday as unabated euro zone debt woes and a surprise build in US oil stockpiles tempered gains from supply disruption fears on mounting tensions between Iran and the West. Investors are treading cautiously as unresolved debt issues in the euro zone may worsen and drag down major economies, slowing down growth and oil demand. An unexpected 2.2 million barrels rise in US crude stockpiles in the week to December 30 also weighed on sentiment. Yet, Brent is set to rise more than four per cent in the first week of 2012 as Iran threatened to shut the Strait of Hormuz, the world’s most important oil route, in retaliation against tighter sanctions from the United States...

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