|09-11-2014, 02:24 PM||#1|
Brent tumbles below $98 amid fears of US airstrikes in Syria
Oil futures fell for the sixth consecutive session on Thursday, with Brent the falling below $98 a barrel marking the lowest more than year, as the weak global demand overshadowed fears of supply disruption amid renewed geopolitical tensions in the Middle East.
President Barak Obama`s pledge to destroy the Islamic State in Syria and Iraq (Isisi) yesterday spooked the global oil markets. Yesterday, the President laid out a four pronged strategy that included a request for money from congress to arm and train opposition forces in Syria, to authorize more airstrikes in Iraq and potentially in Syria, in a bid to continuing counterterrorism efforts as well as continuing to offer humanitarian assistance.
As of 03:41 am ET:
- West Texas Intermediate for October delivery fell 0.45% to $91 a barrel on the New York Mercantile Excahnge
- Brent for October delivery fell 0.55% to $97.50 on the ICE Exchange in London
Analysts expect the Brent to extend losses towards $95 levels amid the increasing global supply, especially in the US where the latest data has pointed to weak demand, which pushed the Organization of Petroleum Exporting Countries to cut its forecast for demand for OPEC crude this year and next.
Ministers of the Gulf countries will hold the annual meeting in the city of Kuwait to address the global development that pushed oil prices below the OPEC`s benchmark level of $100 a barrel.
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