With the prospects of military attack against Syria fading, investors turned their focus to the latest economic data that that improved the outlook for oil demand, keeping crude prices above the $107.00 a barrel level.
The upbeat economic data from Europe and China and a steady recovery in the United States pointed out that the global economy is recovering. Now investors await the US jobs data on Friday that could determine the Fed action.
The August jobs report could determine if the US economy is strong enough for the Federal Reserve to cut back its stimulus in mid-September. Later in the day the US will release the ISM manufacturing numbers.
- Crude is trading around $107.06 a barrel after falling $0.58
- Brent is trading around $114.33 a barrel after falling $0.01
Meanwhile, US President Barak Obama, who sought congressional authorization before ordering military strike against Syria, is facing obstacles. His plan was met with skepticism from lawmakers in his own Democratic Party. US lawmakers worry that the United States would be dragged into a new Middle East conflict. Meanwhile, France said it has evidence that Bashar al-Assad`s government had ordered the chemical attacks.
But the lack of international support for a military strike on Syria may mean any attack against Assad`s regime could be short, limited and unlikely to drag Syria`s neighbors into the conflict, easing the worries over a possible disruption in oil supplies.
- Natural gas is trading at $3.664 per cubic feet after rising 3.32%
- Gasoline is trading at $2.8807 per cubic feet after falling 0.33%
- Heating oil (diesel) is trading at $3.1425 a gallon after rising 0.19%
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Crude Holds Above $107 As Military Strike On Syria Less Likely
Published 09/03/2013, 04:02 AM
Updated 07/09/2023, 06:31 AM
Crude Holds Above $107 As Military Strike On Syria Less Likely
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