Jan. 12 (Bloomberg) -- A European Union embargo on imports of Iranian oil will likely be delayed for six months to allow countries such as Greece, Italy and Spain to find alternative supply, an EU official with knowledge of the talks said.

David Fuller's view Brent (weekly & daily) shows a downside key day reversal and a close above $115 would now be required to offset current scope for a reaction towards the lower side of the range. WTI (weekly & daily) would have to close above $104 to offset scope for somewhat lower ranging.

Today's decline following the report above is in line with my view mentioned in Audios that recent strength in crude was due to supply fears rather than increased demand.