Crude oil fell to a five-week low ahead of the expected build in crude stocks in the United States last week, one broker said.
Another broker said there is back of speculation that OPEC won't cut production quotas when it meets in Vienna next month.
Brent crude oil for April settlement when down to as much as 24c, to $25.87 a barrel (midday) in London's International Petroleum Exchange, the lowest price since January 24 when it reached $25.83 a barrel.
The latest American Petroleum Institute-API stocks data is expected to show crude oil stocks up 5.1-5.5 million barrels last week and gasoline stocks down 0.1-0.5 million barrels according to analysts and brokers, as reported by news agencies.
Brokers said Brent prices are also under pressure following statements from U.S. Secretary of State Colin Powell that sanctions on Iraq could ease. --Declaring that sanctions against Iraq are "in a state of disarray," U.S. Secretary of State Colin Powell is calling for changes that would permit export to Iraq of more consumer goods while maintaining curbs on assistance to President Saddam Hussein's weapons program.
Powell said he hoped revisions could be completed before Arab leaders hold a summit meeting in Amman, Jordan, in late March, according to Bridge News.
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