Crude oil fell on Friday and is heading for its first weekly loss in three as fears of a US-led military attack on Syria receded while caution is rising before the Federal Reserve`s policy-setting meeting next week.
The United States and Russia started talks on Thursday about the plan to put Syria’s chemical weapons under international control. A diplomatic solution to this crisis eased the worries over a disruption in oil supplies from the Middle East.
- Crude is trading around $108.42 a barrel after falling $0.18
- Brent is trading around $112.70 a barrel after rising $0.07
There are growing fears that the US central bank may announce a cut in its $85-billion asset-purchase program next Wednesday, therefore investors will be closely watching today’s data for more clues on the Federal Reserve stance.
Economic data due out of Washington later in the day include the producer prices index, the retail sales and the consumer confidence figures. Stronger data may lead to a cut in the monetary stimulus, which would likely boost the US dollar pushing oil prices lower.
- Natural gas is trading at $3.637 per cubic feet after falling 0.03%
- Gasoline is trading at $2.7629 per cubic feet after rising 0.01%
- Heating oil (diesel) is trading at $3.1224 a gallon after rising 0.19%
The United States and Russia started talks on Thursday about the plan to put Syria’s chemical weapons under international control. A diplomatic solution to this crisis eased the worries over a disruption in oil supplies from the Middle East.
- Crude is trading around $108.42 a barrel after falling $0.18
- Brent is trading around $112.70 a barrel after rising $0.07
There are growing fears that the US central bank may announce a cut in its $85-billion asset-purchase program next Wednesday, therefore investors will be closely watching today’s data for more clues on the Federal Reserve stance.
Economic data due out of Washington later in the day include the producer prices index, the retail sales and the consumer confidence figures. Stronger data may lead to a cut in the monetary stimulus, which would likely boost the US dollar pushing oil prices lower.
- Natural gas is trading at $3.637 per cubic feet after falling 0.03%
- Gasoline is trading at $2.7629 per cubic feet after rising 0.01%
- Heating oil (diesel) is trading at $3.1224 a gallon after rising 0.19%