Oil slips on global supply fears even as OPEC mulls cut | Reuters

Oil slips on global supply fears even as OPEC mulls cut | Reuters:

Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the European Union, a possible production cut from OPEC and slightly bullish storage drawdown in U.S. crude stocks.

Brent crude was down 70 cents a barrel at $66.06 at 11:37 a.m. EST (1637 GMT), having recovered from a session low at $65.27. U.S. crude futures traded 15 cents lower at $56.31 a barrel.

EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, potentially allowing the measures to take effect across the bloc, three diplomats said.