Brent steadies over $112 on Iran awaiting U.S. jobs data (Reuters) (03-02-2012)

SINGAPORE – Brent crude steadied over $112 on Friday as fears Israel could strike Iran in the spring, heightened already simmering tensions in the region.

Front-month Brent crude gained 26 cents to $112.33 a barrel by 2:19 a.m. ET, gaining for a fourth consecutive day. U.S. crude increased 6 cents to $96.42 a barrel, reversing five straight sessions of losses.

Brent is estimated to rise about 0.6 percent this week, after gaining about 1.5 percent last week. U.S. crude about to fall 3 percent, the steepest since the week ended December 18. 

Brent's premium to U.S. futures shot to above $16 a barrel on Thursday, as the European benchmark rose for a third straight day while the New York contract dropped more than 1 percent. 

Oil investors still stay worried about Europe's debt crisis worsening and hurting the global economy while the euro zone's finance ministers aim to agree a second financing package for Greece on Monday, and help contain the two-year old crisis.

Source: Reuters