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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |