⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Crude prices rise as U.S., Russian hold talks on Syria

Published 09/12/2013, 12:39 PM
Updated 09/12/2013, 12:40 PM
LCO
-
CL
-
Investing.com - Crude oil futures rose on Thursday amid uncertainty over whether diplomatic efforts between the U.S. and Russia will reduce the likelihood Washington hits Syria with military strikes.

On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.90 a barrel during U.S. trading, up 1.25%.

The October contract settled up 0.16% at USD107.56 a barrel on Wednesday.

The commodity hit a session low of USD107.31 and a high of USD109.12.

U.S. Secretary of State John Kerry is due to meet with his Russian counterpart Sergei Lavrov in Geneva later to discuss terms for Syria to surrender its chemical weapons.

Oil rose on concerns talks may hit snags and hike the chances of U.S.-led limited military strikes against Syria, which energy investors fear would engulf the broader oil-rich Middle East and threaten global supply,

Global demand forecasts boosted oil prices as well.

In its monthly report, the International Energy Agency said that global oil demand is forecast to rise by 1.1 million barrels a day next year, “as the underlying economic situation continues to improve.”

The IEA added that oil supplies from the Organization of the Petroleum Exporting Countries fell by 260,000 barrels to 30.51 million barrels per day in August, due to declining output from Libya.

Improving data out of the U.S. labor market supported prices as well by painting a picture of an improving U.S. economy that will likely demand more fuel and energy going forward.

The Department of Labor said earlier that the number of individuals filing for initial jobless claims in the U.S. fell by 31,000 to 292,000 from 323,000 in the previous week.

Analysts were expecting the number to rise by 7,000 to 330,000, though the report said the decline was largely due to two states not processing all of their claims because of computer upgrades.

Meanwhile on the ICE Futures Exchange, Brent oil futures for October delivery were up 1.26% at USD111.58 a barrel, up USD2.68 from its U.S. counterpart.










Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.