Brent North Sea crude for
delivery in November dipped five cents to stand at $112.14 a barrel in London
midday deals.
New York's main contract, light
sweet crude for November, grew 32 cents to $92.80 a barrel.
"Crude oil prices continue
to remain on a consolidation mode, as the market looks overbought while
persistent concerns about the eurozone's economic stability continue to weigh
on market sentiment," said Sucden Financial Research analyst Myrto Sokou.
"Due to the lack of major
economic indicators, we expect further consolidation and thin trading
conditions across the oil market today," she added.
Oil watchers were also
following events in Iran, whose currency slid between two and six percent in
trading on Tuesday, according to different valuations given by money changers
in Tehran and an exchange tracking website.
The rial was between 35,500 and
37,000 to the dollar, depending on the source.
Iran's currency had already
dramatically slumped by 17 percent on Monday, when a US official said the
decline was evidence of the success of the international sanctions over Iran's
nuclear programme.
Iran is suffering heightened
geopolitical tensions over its disputed nuclear programme and the effects of
draconian Western economic sanctions curbing access to its reduced oil exports.
It is also burdened with high
inflation and rising unemployment.
burs-bcp/arp
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