Oil prices fall as Obama struggles to win support for Syria strikeSeptember 3, 2013 - 10:50 AMT PanARMENIAN.Net - Oil prices fell further Tuesday, Sept 3, as President Barack Obama's struggle to win support for U.S. military intervention in Syria diminished expectations of an attack, The Associated Press reports. Benchmark crude for October delivery was down 95 cents to $106.70 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.15 to close at $107.65 on Friday. While Syria is not a major oil producer, it straddles a region that is. The possibility of a wider conflict, one that could interrupt production and shipping routes in the region, has pushed oil prices higher in recent days. Conversely, prices have slid as the prospect of a U.S. attack diminished. Brent, the benchmark for international crudes, was down 12 cents to $114.21 a barrel on the ICE Futures exchange in London. "The upside to Brent oil prices has been tempered somewhat by the diminished expectation of a US military strike, though they haven't fallen as much as US prices which have slid back much more sharply," Michael Hewson, senior market analyst at CMC Markets, said in a commentary. "Concerns that Syria might retaliate when the U.S. eventually strikes have already been priced in by investors," Kelly Teoh, market strategist at IG Markets in Singapore, told AFP. "The focus for now will be on the global macroeconomic situation, and investor sentiment right now is faring better than in previous months." The potential for a U.S. strike on Syria for its alleged use of chemical weapons has been put on the backburner after President Barack Obama said he will seek support for action from Congress, which will return from recess on Sept 9. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Lemkin Institute petition seeks release of Armenians in Azerbaijan The Lemkin Institute is deeply concerned about the continued illegal detention of political prisoners from Karabakh in Azerbaijan. Armenian Catholicos calls for national unity against threats Karekin II issued a message on Republic Day marking the anniversary of the First Armenian Republic. Pashinyan: Armenia’s desired goal is “on the horizon” Prime Minister Nikol Pashinyan has said that Armenia is moving forward “without interruption”. Opposition leader, supporters spend night at Sardarapat memorial Police made nearly 300 arrests the day before as Galstanyan and his supporters continued to demonstrate in Yerevan. |