Brent crude held steady at $120 as supply disruption worries eased with Iran saying it would present new proposals in the upcoming nuclear talks with world powers, reversing some of the previous session's gains.

At the end of the day, Iran is also worried about its exports, about being able to do business with other countries. They need to maintain their budget, otherwise they cannot survive, said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments.