By Ga-Woon Philip Vahn Of DOW JONES NEWSWIRES SINGAPORE (Dow Jones)--Crude-oil futures edged lower in Asia Monday as traders continued to take a cautious approach amid lingering concerns about the euro-zone's lackluster economic prospects. On the New York Mercantile Exchange, light, sweet crude futures for delivery in January traded at $98.77 a barrel at 0720 GMT, down $0.64 in the Globex electronic session. January Brent crude on London's ICE Futures exchange fell $0.63 to $107.99 a barrel. Risk sentiment improved a little, with most Asian stock markets posting gains after a European Union summit late last week yielded some positive results, such as tougher fiscal rules for 17 euro-zone nations and more firepower for the IMF. However, "buyers were not convinced that Europe will work its way out of trouble because the U.K.'s veto [against full E.U. treaty changes] raised concerns about the euro zone's unity, while the European Central Bank looked less confident about its future bond-buying program," a trader at SK Energy in Singapore said. French President Nicolas Sarkozy Friday blamed the E.U.'s failure to reach a comprehensive agreement to change treaties on the U.K., saying British Prime Minister David Cameron brought "unacceptable" requests to the negotiating table. "With Britain in one corner and Germany and France in the other, the health and future of the euro zone remains in flux," The Schork Group said in a note. Looking ahead, market participants said crude prices will likely consolidate in a narrow range amid thin year-end trading, although traders will keep track of Middle Eastern supplies as concerns about the escalating tensions between Iran and the West persist. "I don't expect to see any major macroeconomic surprises in the near term and investors will consolidate their positions ahead of year-end festivities, but Iran is capable of making big headlines regardless of the holiday season," a sales trader at GS Caltex's Mumbai office said. This week the U.S. House of Representatives will vote on imposing tough new sanctions aimed at forcing Iran to freeze what the West charges is a nuclear weapons program, its leaders said Friday. Nymex reformulated gasoline blendstock for January--the benchmark gasoline contract--fell 15 points to $2.5946 a gallon, while January heating oil traded at $2.9046, 79 points lower. ICE gasoil for December changed hands at $929.50 a metric ton, down $2.50 from Friday's settlement. -By Ga-Woon Philip Vahn, Dow Jones Newswires; +65-64154149; philip.vahn@dowjones.com

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