Commodities: Crude slips 1% as Brent rises

LONDON (ShareCast) - Concern about a glut in US oil supplies and more austerity measures for Greece sent crude oil futures lower on Monday. However the world's other main contract Brent futures rose over 1%, pushing the two contracts to the widest price premium in three months. Crude for March delivery settled down 93 cents at $96.91 a barrel on the New York Mercantile Exchange. On the ICE futures exchange Brent for March delivery settled 1.2% or $1.35 higher at $115.93 a barrel in London. Brent rose on jitters about tensions between Iran and the West and disruptions to supplies from Nigeria. The colder than unusual weather in Europe (Chicago Options: ^REURUSD - news) was also pushing up Brent prices. Among precious metals gold lost its allure on Monday as the stronger dollar and sluggishness among equities eroded demand. Gold for April delivery lost $15.40 to settle at $1,724.90 an ounce on Comex division of the New York Mercantile Exchange. Bullion earlier touched a low of $1,714 an ounce. Gold had been pressured on Friday, following surprisingly strong US jobs data, and by Monday the rising greenback prompted even more gold selling. Silver for March delivery settled little changed at $33.75 an ounce while copper for the same month eased 4 cents to $3.86 per pound.