* Fed minutes show taper may happen at one of next few
meetings
* Major powers resume talks on Iran nuclear programme
* US distillate stocks drop as demand spikes -EIA
* China factory sector grows at milder pace in November
* Coming up: US Markit flash manufacturing PMI at 1358 GMT
By Manash Goswami
SINGAPORE, Nov 21 (Reuters) - Brent futures
slipped below $108 a barrel on Thursday on expectations the U.S.
Federal Reserve would scale back its massive economic stimulus and that
world powers would strike a preliminary deal with Iran over its nuclear programme.
Minutes of the Fed's Oct. 29-30 policy meeting showed
officials felt they could decide to start scaling back the
stimulus at one of its next few meetings, which would boost the
dollar and weigh on commodities such as oil.
But worries over supply from Libya helped stem the slide.
Brent crude
had fallen 25 cents to $107.81 a barrel by 0345 GMT, after gaining the
most in a week and ending up $1.14. U.S. oil extended losses by 23 cents
to $93.62, after settling 4 cents lower.
"The issue of tapering is back to the fore after yesterday's
Fed minutes," said Victor Shum, vice-president of energy
consultancy IHS Energy Insight. "Talks between Iran and world
powers are erasing some geopolitical risks, but the situation in
Libya is putting a floor on prices."
The combination of factors should keep oil in a tight
trading range until clear details are available on when the Fed
will rollback its stimulus or geopolitical tensions in the
Middle East worsen, Shum said.
He expects Brent to average at around $108 a barrel for the
rest of the year, and the U.S. benchmark to stay around $94 a
barrel in the short term.
Major powers resumed talks on Wednesday with Iran over its
nuclear programme. While the United States warned it would be
"very hard" to clinch a breakthrough deal, policymakers have
said an interim accord on confidence-building steps could
finally be within reach.
That may help defuse a decade-old standoff and dispel the
spectre of a wider Middle East war over the Islamic Republic's
nuclear ambitions, which has kept oil near $100 a barrel despite
a weak consumption outlook.
OUTLOOK
Oil was also under pressure as the latest data showed
activity in China's vast factory sector grew at a milder pace in
November as new export orders shrank.
But the Flash Markit/HSBC Purchasing Managers' Index (PMI),
remained above the 50 line which demarcates expansion from
contraction for the fourth consecutive month, helping assure
investors the government has achieved the stability it sought to
push through reforms.
Elsewhere, oil was drawing support from Energy Information
Administration (EIA) data that showed U.S. stocks of distillates
fell 4.8 million barrels last week, a draw that exceeded
expectations by more than 4 million barrels.
Brent may revisit its Wednesday low of $106.51 per barrel,
as indicated by its wave pattern, while U.S. oil's sideways move
indicates the formation of a falling wedge, according to Reuters
technical analyst Wang Tao.
(Reporting by Manash Goswami; Editing by Joseph Radford)
هذا دليل اخر ان للولايات المتحدة الاميريكية يد في كل مايحدث من اضطرابات و اعتصامات و احتلال للحقول النفطية الليبية
ردحذفوان الجظران هو صنيعة امريكية بإمتياز