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Crude Falls For Fourth Day As Syria Strike Appears Less Imminent

ByICN.com
Published 09/02/2013, 04:12 AM
Updated 07/09/2023, 06:31 AM
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Concerns have begun to ease as President Barak Obama is seeking congressional authorization before ordering a military strike against Syria. This might delay any action until September 9 when the summer recess ends. “We will see more declines as the market digests that there doesn’t seem to be imminent action on Syria”, said Robin Mills. British lawmakers voted last week against a proposed strike, and France said on Sunday it would await the US Congressional decision.

- Crude is trading around $106.18 a barrel after falling $1.47

- Brent is trading around $113.10 a barrel after falling $0.91

Losses however were stemmed on Monday as a surprise improvement in China`s factory activity raised hopes of a revival of oil demand growth. “Oil would have been pushed lower had it not been for the China data”, said Ben Le Brun from OptionsXpress. While the market is closely watching the latest developments on Syria focus will also turn this week to the BoE, ECB, BoJ, RBA rate decision, the key U.S. job report, as well as the G-20 Meeting in St. Petersburg, Russia. U.S. markets are closed Monday for Labor Day.

- Natural gas is trading at $3.648 per cubic feet after rising 1.87%

- Gasoline is trading at $2.8587 per cubic feet after falling 1.09%

- Heating oil (diesel) is trading at $3.1135 a gallon after falling 0.74%

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