-- Crude futures fall back amid profit taking. -- Eurozone concerns return to the fore as talks over Greek debt restructuring appear to reach deadlock. -- Geopolitical concerns continue to underpin the oil price. By Sarah Kent Of DOW JONES NEWSWIRES LONDON (Dow Jones)--Crude futures fell back Monday, as investors locked in profits following sharp price gains Friday as worries over the eurozone's economy returned to the fore. At 1100 GMT, the front-month March Brent contract on London's ICE futures exchange was 70 cents, or 0.6%, lower at $113.88 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down $1.14, or 1.2%, at $96.70 per barrel. Oil prices followed the euro and stock markets lower as talks about Greek debt restructuring appeared to reach deadlock, pressuring the euro's value against the dollar. Crude prices usually fall when the greenback strengthens as the dollar-denominated commodity becomes more expensive for holders of other currencies. London Capital Group said further losses should be expected in the short term. "There's a strong dollar and a general spout of long liquidation across commodities," said Glen Ward, head of retail derivatives at London Capital Group. "There is a large volume of speculative long positions and they tend to get twitchy when the euro looks week so they lighten their load," he added. However, ongoing tensions between Iran and the West, as well as existing supply disruptions, are likely to put a floor under losses, analysts said. Over the weekend Iran reiterated its threat to unilaterally halt oil exports to Europe ahead of a European Union embargo due to come into force on July 1. Concerns are also increasing that Israel could launch a preemptive strike against the Islamic Republic's nuclear installations, escalating tensions still further. Meanwhile, some 350,000 barrels a day of oil have been cut off in the last week after South Sudan said it would shut down production amid a deadlock with Khartoum over oil transit fees. The situation in Syria also appears to be worsening, making it increasingly unlikely that embargoed oil exports will return to the market any time soon. Longer term, these geopolitical uncertainties are likely to keep the oil market volatile, analysts said. "There is a lot of eyeballing going on and a lot that could run out of control, leading oil prices and stock markets to move in different directions," said PVM in a note. At 1100 GMT, the ICE's gasoil contract for March delivery was up $11.00, or 1.1%, at $971.75 per metric ton, while Nymex gasoline for March delivery was 220 points, or 0.8%, lower at $2.8924 per gallon. -By Sarah Kent, Dow Jones Newswires; 4420-7842-9376; sarah.kent@dowjones.com

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