CHAIRMAN: DR. KHALID BIN THANI AL THANI
EDITOR-IN-CHIEF: PROF. KHALID MUBARAK AL-SHAFI

Default / Miscellaneous

Oil prices mixed in Asian trade

Published: 04 Sep 2013 - 08:37 am | Last Updated: 30 Jan 2022 - 04:56 pm

SINGAPORE: Oil prices were mixed in Asian trade Wednesday after climbing in New York as concerns over a US-led military strike on Syria returned.
 
New York's main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid-morning trade, while Brent North Sea crude for October gained 12 cents to $115.80.
 
Market jitters over Syria resurfaced after Republican House Speaker John Boehner and his right hand man Eric Cantor said they would support a strike against the Assad regime over its alleged use of chemical weapons.
 
The move was a rare gesture of unity in a divided Congress and left US President Barack Obama hopeful of securing a vote for action from lawmakers next week.
 
Investors fear US intervention could lead to a wider conflict in the politically volatile Middle East, a key source of the world's crude oil supplies.
 
Oil prices have tumbled from multi-month highs after Obama said he would seek approval from Congress for military action. They had soared on speculation of imminent US strikes. (AFP)