By Clare Hutchison, MarketWatch
LONDON (MarketWatch) — Crude-oil futures pulled back on Thursday, as the dollar strengthened against the euro and media reports said Iran has responded to European Union attempts to resume talks on the country’s nuclear program.
Crude oil futures for March delivery fell 66 cents, or 0.6%, to $101.14 a barrel in European trading.
Crude futures hit a five-week high on Wednesday on reports that Iran had halted oil supplies to the EU in retaliation to sanctions over its nuclear program. Tehran later denied cutting off supplies.
Iran has since replied to a letter sent in October by EU policy chief Catherine Ashton offering to re-open talks on the Islamic Republic’s nuclear program, the Wall Street Journal reported Thursday.
The response comes a day after President Mahmoud Ahmadinejad was seen on Iranian state television attending an elaborate ceremony held to unveil developments in Iran’s domestic nuclear program.
The euro fell 0.5% versus the dollar EURUSD -0.48% , as uncertainty over a second Greek bailout grew. Euro-zone finance ministers have reportedly discussed delaying the release of a 130 billion euro ($171 billion) bailout until after Greece’s elections, which may be held as soon as April.
Brent crude traded moderately higher, with futures for March delivery up 17 cents, or 0.1%, to $119.10 a barrel.
