With an uncertain threat of immediate U.S. military action against Syria, crude oil extended Monday’s losses as the worries over a possible disruption in oil supplies from the Middle East have eased.
The White House is examining Russia`s proposal to put Syria`s chemical weapons under international control, yet the Congress could still approve a military action in order to keep Damascus under pressures.
U.S. President Barack Obama said that the Russian plan could potentially be a significant breakthrough, adding that he has not decided yet whether he will order a strike on Syria without Congressional support.
- Crude is trading around $108.49 a barrel after falling $1.03.
- Brent is trading around $112.88 a barrel after falling $0.84.
As a non-military solution to the Syrian crisis became possible demand on safe haven is dropping. However, some caution has been seen ahead of the latest data releases from the world`s second-largest economy.
Following robust exports and steady inflation numbers earlier this week, China’s industrial production and retail sales rose more than expected in August, improving the outlook for demand on oil and limiting today’s losses.
The Energy Information Administration may show tomorrow that U.S. crude inventories probably fell by 2 million barrels last week. The American Petroleum Institute is scheduled to release separate inventory data on Tuesday.
- Natural gas is trading at $3.616 per cubic feet after rising 0.31%.
- Gasoline is trading at $2.7798 per cubic feet after falling 0.81%.
- Heating oil (diesel) is trading at $3.1033 a gallon after falling 0.48%.
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Crude Oil Extends Losses As Syria Strike May Be Avoided
Published 09/10/2013, 06:08 AM
Updated 07/09/2023, 06:31 AM
Crude Oil Extends Losses As Syria Strike May Be Avoided
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