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
 Aug 24 2016 - Qatar PPI industrial sector grows by 4pctMENAFN
(MENAFN) Qatar whole Producer Price Index (PPI) of the industrial sector reached an estimated 46.7 points, a growth of 4 percent in June.However, on year-on-year basis the PPI declined by 25.3 ...

 Aug 24 2016 - India focuses on UAE investors in oil and gas firmsMENAFN
(MENAFN) India predicted to make wider participation from investors and oil firms based in the UAE for 67 discovered small oil and gas fields.Accordingly, the large presence of oil firms makes the ...

 Aug 24 2016 - Egypt to continue largest economy in AfricaMENAFN
(MENAFN) S. Africa, Nigeria and Egypt continue their struggle to become the largest economy in Africa, while S. Africa recently moving back to first place.Moreover, the US dollar value of S. Africa ...

 Aug 24 2016 - Saudi KAEC, ITC join deal to build high voltage cable plantMENAFN
(MENAFN) King Abdullah Economic City signed a contract with the International Trade Gateway Firm to build a high voltage cable factory in the Industrial Valley.On the other hand, the factory will be ...

 Aug 24 2016 - Bahrain-Kuwait Fund sign financing dealMENAFN
(MENAFN) The Kuwait Fund for Arab Economic Development signed USD138mn deals with the Gov"t of the Kingdom of Bahrain.Additionally, the fun will assign a grant in the amount of USD32mn in order to ...

 Aug 24 2016 - Hospitality market in Oman to touch USD1bn by 2020MENAFN
(MENAFN) Oman hospitality market is predicted to increase at an annual growth rate of 6.2 percent from 2015 to USD1bn in 2020.Additionally, the increase is attributed to a 5.3 percent annual increase ...

 Aug 24 2016 - Abu Dhabi passenger traffic grows by 7.9pct in JulyMENAFN
(MENAFN) Abu Dhabi Airports exposed July 2016 passenger numbers, which showed an increase of 7.9 percent at Abu Dhabi Intl" Airport (AUH).Moreover, whole arrivals at the airport were more than 10.4 ...

 Aug 24 2016 - Iraq foils child suicide bomber - Briton killed in mine-clearingArab Times
(MENAFN - Arab Times) In this still taken from local TV footage, showing a child being restrained by security forces, holding his arms out-stretched as another cuts off a belt of explosives, on Aug ...

 Aug 24 2016 - Kuwait- Prominent Islamists rapped over 'sex on beach'Arab Times
(MENAFN - Arab Times) RABAT, Aug 23, (Agencies): Two senior Moroccan Islamist figures have been suspended from their party, the group announced Monday, following media reports that they were ...

 Aug 24 2016 - Kuwait- Mohammad VI's unique bond with his subjectsArab Times
(MENAFN - Arab Times) Ahmed Al-Jarallah – Editor-in-Chief, the Arab Times KING MOHAMMAD VI revived the vision when he reactivated the royal revolution, led by his grandfather, against colonialists. ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

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