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Brent crude was up 9 cents at $57.01 by 1120 GMT (0720 EDT).
Front-month U.S. crude futures <CLc1> were trading at $50.83 per
barrel, down 8 cents from their last settlement.
"With the Iran deal people are aware there is more supply coming
so all impetus for a price correction higher has gone," said
Hans van Cleef, senior energy economist at ABN Amro in
Amsterdam.
Iran has started to ship oil to Asia that it had been storing
offshore for months after Tehran and six world powers reached a
landmark nuclear deal on Tuesday, clearing the way for an easing
of international sanctions on Iran.
Trading volumes were well below average with many traders in
Europe away for the summer break and Singapore closed for a
public holiday.
Brent is almost 3 percent lower for the week and on track for a
third week of declines. This would be the longest such losing
streak since January. It is down more than 10 percent so far
this month
U.S. crude is also heading for a third weekly decline and is
down 3.6 percent this week. It has lost nearly 15 percent this
month, it's biggest such slump since December.
Expectations of around 500,000 barrels per day more oil coming
from Iran by the first half of next year, combined with rising
U.S. shale production and high OPEC exports, have helped cut oil
prices by nearly half from their year-ago level.
Britain's North Sea Buzzard oilfield ramped up after an outage
that started on Wednesday night. The outage slightly pushed up
Brent as oil from the field contributes to the calculation of
the benchmark's price.
(Reporting by Simon Falush; Editing by Dale Hudson and Susan
Thomas)
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