Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oil prices advance before key Syria meeting  Join our daily free Newsletter

MENAFN - AFP - 12/09/2013
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Global oil prices inched higher on Thursday as the United States and Russia discussed a plan to remove Syria's chemical weapons.

Brent North Sea crude for delivery in October rose 81 cents to stand at 112.31 a barrel in London late morning deals.

New York's main contract, West Texas Intermediate for October, added 74 cents to 108.30 a barrel.

"Oil prices have risen back above the 112-per-barrel mark ... with the threat of military action against Syria continuing to support prices," said energy trader Gary Hornby at British-based consultancy Inenco.

"With the US and Russia continuing to differ over the resolution of the Syrian conflict, and the chemical weapons hand-over still uncertain, there remains a large risk premium at present."

Investors are hoping Washington and Moscow will reach a deal that will see Syria hand over its chemical weapons and avert an attack by American forces.

US Secretary of State John Kerry is due to meet his Russian counterpart in Geneva as the two sides seek a diplomatic solution to the crisis, sparked by the Syrian regime's alleged use of chemical weapons on its own civilians.

Ahead of the meeting, Washington called Thursday on the Syrian regime to quickly declare the scope and size of its chemical weapons stockpile.

Hornby added: "Witha huge amount of uncertainty at the moment, market participants may well be awaiting the outcome of the meeting ... as well as the UN Security Council in New York for further direction."

Across in Paris on Thursday, the International Energy Agency maintained its forecast for world oil demand growth this year, but raised it slightly for 2014.

The energy watchdog added that rising output should help cushion oil markets seized by tension over a possible conflict in the Middle East.

Brent crude had surged late last month to 117.34, last seen in late February, on fears over Syria conflict that could hamper oil supplies in the Middle East.

Prices have since retreated on hopes of a diplomatic resolution to the standoff.

"While the geopolitical storms in the Middle East and North Africa have yet to pass, easing fundamentals look set to lessen the pressure somewhat on market participants - at least for the next few months," the IEA said in its monthly report.

"Global crude supply -- notwithstanding the Libyan problems -- looks set for an upward jump in 4Q13, thanks to a heady mix of seasonal, cyclical, political and structural factors."

The IEA is the energy and oil strategic reserve monitoring arm of the Organisation for Economic Cooperation and Development, which groups advanced economies.


 


AFP




  MENA News Headlines
 Mar 23 2017 - Jordan- King, Moroccan Monarch open African Art Exhibition in RabatJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- Their Majesties King Abdullah II and King Mohammed VI on Thursday opened an African Art Exhibition in Rabat. The two monarchs toured the ...

 Mar 23 2017 - Jordan- King, Moroccan Monarch hold talksJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II held talks here on Thursday with Moroccan Monarch Mohammed VI on bilateral ties and latest developments in the ...

 Mar 23 2017 - Jordan- King meets Moroccan PM, parliament speaker, President of House of CouncillorsJordan News Agency
(MENAFN - Jordan News Agency) Raba, March 23 (Petra) -- His Majesty King Abdullah II on Thursday received at his residence here Moroccan Prime Minister Abdelilah Benkirane, President of the Moroccan ...

 Mar 23 2017 - Jordan- King calls British PM, condemns terrorist attackJordan News Agency
(MENAFN - Jordan News Agency) Rabat, March 23 (Petra) -- His Majesty King Abdullah II on Thursday made a telephone call with British Prime Minister Theresa May, in which he condemned the heinous ...

 Mar 23 2017 - Jordan- Daily News BulletinJordan News Agency
(MENAFN - Jordan News Agency) Jordan News Agency (Petra) starts its daily news bulletin from Amman for Wednesday, March 22, 2017, corresponding to Jumada al-Akhirah 23, 1438 Hijri. 22/3/2017 - ...

 Mar 23 2017 - Jordan- Arab summit enjoys political and economic importance, says ministerJordan News Agency
(MENAFN - Jordan News Agency) The Dead Sea, March 23 (Petra) -- The upcoming Arab Summit has its political importance as well as its economic, social and developmental impact, which will reflect ...

 Mar 23 2017 - Jordan- Arab Economic and Social Council discusses economic filesJordan News Agency
(MENAFN - Jordan News Agency) Dead Sea, March 23 (Petra)--Assistant Arab League Secretary General for Social Affairs Badr El Din Alali said that meeting of the senior officials of the Economic and ...

 Mar 23 2017 - Foreign Ministry contacts UAE authorities on killing of Jordanian womanJordan News Agency
(MENAFN - Jordan News Agency) Amman, March 23 (Petra)--Official Spokesperson of the Ministry of Foreign and Expatriate Affairs Sabah Rafei said that the Jordanian Embassy in Abu Dhabi and the ...

 Mar 23 2017 - Saudi executes two drug dealersThe Peninsula
(MENAFN - The Peninsula) Riyadh: Saudi Arabia executed two convicted drug traffickers on Thursday, bringing the number of prisoners killed in the kingdom to 20 so far this year. The state-run ...

 Mar 23 2017 - Qatar's Al Behaih wins gold at Special Olympics Winter GamesThe Peninsula
(MENAFN - The Peninsula) Vienna: Qatar's Hamad Jaber Al Behaih won the gold medal in the speed skating 222m event at the Special Olympics World Winter Games in Vienna, Austria. He finished the ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help