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
 Dec 7 2016 - Kuwait- His Highness the Amir thanks Bahraini King on warm hospitalityKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah has cabled Bahrain's King Hamad bin Isa Al-Khalifa expressing deep gratitude ...

 Dec 7 2016 - Greenback slide resumes on disappointing Fed minutes Japan’s verbal intervention falling on deaf earsMENAFN Press
(MENAFN Press) Dollar bulls were clearly uninspired by July’s Federal Reserve’s minutes released on Wednesday as participants remained divided over when to move interest rates. According to the ...

 Dec 7 2016 - Kuwait- His Highness the Amir departs BahrainKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, along with his official delegation, departed the Kingdom of Bahrain on ...

 Dec 7 2016 - Kuwait insists on plan to provide 15 pct of energy out of renewable energyKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) AMMAN, Dec 7 (KUNA) -- The State of Kuwait is resolved to go ahead with its strategy to provide 15 percent of its energy needs out of renewable energy by 2030, an ...

 Dec 7 2016 - Kuwait- GCC summit will enhance regional security -- Minister Sheikh Sabah KhaledKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) MANAMA, Dec 7 (KUNA) -- The State of Kuwait Deputy Prime Minister and Foreign Minister Sheikh Sabah Khaled Al-Hamad Al-Sabah said on Wednesday that outcome of the ...

 Dec 7 2016 - Kuwaiti governors hail Saudi King's imminent visitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- Kuwait's governors welcomed Saudi King Salman bin Abdulaziz's impending visit to the country, amid volatile regional conditions. In ...

 Dec 7 2016 - Kuwait- His Highness the Amir back home after GCC summitKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, along with his official entourage, returned home on Wednesday from the ...

 Dec 7 2016 - Kuwait- OAPEC wins best oil organization award for 2016Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) KUWAIT, Dec 7 (KUNA) -- The Organization of Arab Petroleum Exporting Countries (OAPEC) won an award for the best oil and gas organization for 2016 for its recent ...

 Dec 7 2016 - Islamabad bound aircraft crashes in N. PakistanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) ISLAMABAD, Nov 7 (KUNA) -- An Islamabad bound flight of Pakistan International Airlines (PIA) with 47 people onboard crashed near Abbottabad city of Khyber ...

 Dec 7 2016 - Deloitte Middle East Point of View: Virtual Reality boom rising in MENAMENAFN Press
(MENAFN Press) The Virtual Reality (VR) market in the Middle East and North Africa (MENA) region is expected to grow at a rapid rate according to Deloitte. Factors driving the MENA VR technology ...

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