Investing.com - Oil futures traded lower in Asia Tuesday as fears regarding an imminent U.S. military offensive against Syria continued to wane.
On the New York Mercantile Exchange, light, sweet crude futures for October delivery fell 0.87% to USD108.57 per barrel in Asian trading Tuesday. The October contract settled lower 0.91% at USD109.52 per barrel on Monday.
U.S. President Barack Obama is scheduled to address the U.S. on Tuesday and press the case for an attack on Syria, though sentiments that he will face a tough sell in the U.S. House of Representatives cooled demand for oil by allaying fears that strikes will engulf Syria's oil-rich neighbors into the conflict.
Last Friday, U.S. jobs data fueled speculation that the Federal Reserve may hold off announcing plans to begin winding down its USD85 billion in monthly bond purchases at its Sept. 17-18 policy meeting, though by Monday, many investors backtracked on that opinion, betting that the Fed remains on course to begin scaling back its asset purchases this month even if just by a little.
Some market observers have said the Fed will not formally announce tapering if the U.S. is engaged in military operations against Syria at the time of the FOMC meeting.
Elsewhere, Royal Dutch Shell, Europe’s largest oil company, is negotiating with OPEC member Nigeria regarding compensation and cleanup for an oil spill that took place there five years ago. Shell has the largest Nigerian footprint of any Western oil company. The country vies with Angola to be Africa’s largest oil producer.
Meanwhile, Brent crude futures for October delivery fell 0.26% to USD112.82 per barrel on the ICE Futures Exchange.
On the New York Mercantile Exchange, light, sweet crude futures for October delivery fell 0.87% to USD108.57 per barrel in Asian trading Tuesday. The October contract settled lower 0.91% at USD109.52 per barrel on Monday.
U.S. President Barack Obama is scheduled to address the U.S. on Tuesday and press the case for an attack on Syria, though sentiments that he will face a tough sell in the U.S. House of Representatives cooled demand for oil by allaying fears that strikes will engulf Syria's oil-rich neighbors into the conflict.
Last Friday, U.S. jobs data fueled speculation that the Federal Reserve may hold off announcing plans to begin winding down its USD85 billion in monthly bond purchases at its Sept. 17-18 policy meeting, though by Monday, many investors backtracked on that opinion, betting that the Fed remains on course to begin scaling back its asset purchases this month even if just by a little.
Some market observers have said the Fed will not formally announce tapering if the U.S. is engaged in military operations against Syria at the time of the FOMC meeting.
Elsewhere, Royal Dutch Shell, Europe’s largest oil company, is negotiating with OPEC member Nigeria regarding compensation and cleanup for an oil spill that took place there five years ago. Shell has the largest Nigerian footprint of any Western oil company. The country vies with Angola to be Africa’s largest oil producer.
Meanwhile, Brent crude futures for October delivery fell 0.26% to USD112.82 per barrel on the ICE Futures Exchange.