Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Oil drops on easing tensions over Syria and Iran  Join our daily free Newsletter

MENAFN - Khaleej Times - 29/09/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Global oil prices sank last week on receding tensions over Iran and Syria, while coffee struck another three-year low on the back of plentiful supplies, dealers said.


Sentiment was also hit by the US budget impasse, with lawmakers unable to reach agreement over a budget just days before a deadline kicks in that could see parts of the federal government shut down.
Oil

New York crude futures slid as the United States and Russia agreed a draft UN Security Council resolution on destroying Syria's chemical arms, easing Middle East supply worries.

Washington and Moscow agreed a draft UN Security Council resolution on Thursday on destroying Syria's chemical weapons.

The development breaks a prolonged deadlock over the country's bitter conflict, which has rocked the oil market in recent weeks.

Prices were also pushed lower by a thaw in relations between the West and Iran.

A meeting between US Secretary of State John Kerry and his Iranian counterpart on Thursday has raised hopes of an easing of Western sanctions against Tehran over its nuclear programme.

Such a move would allow the major Opec producer to export oil more freely.

"Crude oil prices have continued to remain under pressure with the prospect we could well see a third successive negative week for prices as geopolitical concerns continue to diminish," said CMC Markets analyst Michael Hewson.

"The prospect of a UN resolution that is agreed by all, on the subject of Syrian chemical weapons, has calmed fears about a supply pinch." Oil had surged late last month in anticipation of Western military strikes on Syria, with New York crude striking the highest level since May 2011.

"Oil prices have fallen back ... as the US and Russia have now agreed on a draft UN resolution," added analyst Lucy Sidebotham at energy consultancy Inenco.

"And now the US are in talks with Iran to resolve their issues over Tehran's nuclear scheme, the geopolitical risks to oil supply have been reduced and we could expect prices to fall further."

By Friday on London's Intercontinental Exchange, Brent North Sea crude for delivery in November fell to 108.49 per barrel from 109.05 a week earlier.

On the New York Mercantile Exchange, West Texas Intermediate or light sweet crude for November dropped to 102.87 per barrel from 105.59 for the expired October contract a week earlier.
Precious metals

Gold prices dipped on easing demand for the safe-haven metal, but losses were capped by worries over next week's potential US government shutdown.

"In the US, negotiations in Congress are going down to the wire as an agreement to renew the Federal government's spending authority must be reached on Monday at the latest if a shutdown is to be averted," said Capital Economics analyst Jessica Hinds.

"Either way, safe-haven assets such as US Treasuries and gold are likely to stay in demand while equities should remain under pressure.

"Even if an agreement over the Federal spending authority is reached, this would still leave the even bigger worry for investors that the debt ceiling must be raised before the Treasury runs out of money some time shortly after October 17."

By late Friday on the London Bullion Market, the price of gold dipped to 1,341 an ounce from 1,349.25 a week earlier.

Silver slipped to 21.61 an ounce from 22.74.

On the London Platinum and Palladium Market, platinum fell to 1,416 an ounce from 1,447.

Palladium declined to 725 an ounce from 726.
Base metals

Base or industrial metals saw mixed fortunes, but some won support before the national holiday next week in key consumer China.

"Prices are somewhat firmer as the week comes to an end," said Commerzbank analysts in a research note to clients.

"Following a week relatively bereft of data, next week will see the publication of more relevant data again.

"That said, the Chinese markets will be closed from Tuesday for 'Golden Week', which suggests that we will see a below-average trading volume."

By Friday on the London Metal Exchange, copper for delivery in three months slid to 7,287.25 per tonne from 7,346 a week earlier.

Three-month aluminium climbed to 1,835.25 a tonne from 1,827.

Three-month lead grew to 2,111 a tonne from 2,105.

Three-month tin gained to 23,430 a tonne from 23,285.

Three-month nickel decreased to 13,955 a tonne from 14,370.

Three-month zinc advanced to 1,914 a tonne from 1,900.


Coffee

Prices forged fresh multi-year low points as sentiment was dogged by speculative selling and the prospect of solid output from key producer Vietnam.

"Futures were lower on speculative selling," said Price Group analyst Jack Scoville.

"Selling was tied to ... wire stories highlighting the potential for very strong production in Vietnam this year.

"The harvest there is about to start, and some industry sources in Europe told the wires that production could be as high as 29 million bags.

"The Vietnamese government estimates production at 25 million bags, and private sources in Vietnam have estimated production as high as 27 million bags."

By Friday on NYBOT-ICE, Arabica for delivery in December rose to 115.60 US cents a pound from 115.25 cents a week earlier.

On LIFFE, Robusta for November eased to 1,647 a tonne from 1,680.
Cocoa

The cocoa market found a stable footing, one week after striking one-year peaks on tight supply forecasts.

"Rains have returned to West Africa. Ideas are that crop conditions there are generally improving," added Scoville.

By Friday on LIFFE, London's futures exchange, cocoa for delivery in December edged down to 1,703 a tonne from 1,705 a week earlier.

On New York's NYBOT-ICE exchange, cocoa for December firmed to 2,617 a tonne from 2,615 a week earlier.

Sugar

The sugar market diverged in muted trading conditions.

By Friday on NYBOT-ICE, the price of unrefined sugar for delivery in March increased to 18.03 US cents a pound compared with 17.73 cents a week earlier.

On LIFFE, the price of a tonne of white sugar for December fell to 484 from 486.50.

 


Khaleej Times




  MENA News Headlines
 Apr 19 2015 - More than 30% of Arab youth jobless: labour officialAFP
(MENAFN - AFP) More than 30 percent of young Arabs are jobless because of unrest in many Arab nations and not enough investment, a top labour official said on Sunday. "The unemployment rate among ...

 Apr 19 2015 - Saudi giant SABIC Q1 net profit down 39 percentAFP
(MENAFN - AFP) Saudi petrochemicals giant SABIC on Sunday posted a 39 percent decline in net profits for the first quarter of 2015 compared with a year ago before global oil prices plunged. Saudi ...

 Apr 19 2015 - UAE has 4% of world's oil, 3.5% of gas reserves: Energy MinisterEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) UAE Energy Minister, Suhail bin Mohammed Faraj Faris Al Mazrouei, said that the UAE has 4 per cent of the world's oil reserves and nearly 3.5 per cent of the ...

 Apr 19 2015 - New Zealand Prime Minister to lead trade mission to the UAEEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) John Key, New Zealand's Prime Minister, is to lead a business delegation to the United Arab Emirates on 26th April."The visit is an opportunity to strengthen and ...

 Apr 19 2015 - Etihad Airways wins Crystal Cabin AwardEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Etihad Airways has scooped the coveted 2015 Crystal Cabin Award in the Premium Class and VIP category, for its innovative Airbus A380 upper deck cabin designs ...

 Apr 19 2015 - UAE- Civil Defence Officers awarded new ranksEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Major General Jassem Al Marzouqui, Commander-in-Chief of the Civil Defence at the Ministry of Interior, has decorated a number of officers at the Abu Dhabi Civil ...

 Apr 19 2015 - Energy Minister receives UAE AmbassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abdul Hussain bin Ali Mirza, Bahraini Energy Minister, has received Abdulridha Abdullah Mahmoud Khori, UAE Ambassador to the Kingdom of Bahrain.During the ...

 Apr 19 2015 - DFWAC participates in GCF Partner Council meeting in SwedenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Dubai Foundation for Women and Children, DFWAC, has participated in the Partner Council Advisory Board meeting of the Global Child Forum, GCF, held recently ...

 Apr 19 2015 - UAE- ADNEC to host Cityscape Abu Dhabi 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abu Dhabi National Exhibition Centre, ADNEC, has set the stage for the ninth edition of Cityscape Abu Dhabi to run from 21st to 23rd April, under the patronage ...

 Apr 19 2015 - UAE- TRA participates in the Global Conference on Cyberspace 2015 in NetherlandsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The General Authority for Regulating the Telecommunications Sector, TRA, participated in the Global Conference on Cyberspace 2015, which was held in The Hague, ...

more...


 






Google

Click to Apply

 
 

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