Oil ends lower, surrenders more than 2-year high: Marketwatch
YEREVAN, August 30. /ARKA/. Oil futures fell on Thursday, giving up the more than-two-year high they closed at a day earlier, as worries that the U.S. might stage a military strike on Syria eased.
October delivery CLV3 -0.85% pulled back by $1.30, or 1.2%, to settle at $108.80 a barrel on the New York Mercantile Exchange, near the session’s low. Prices rose 1% on Wednesday to $110.10, the highest close in more than two years. They climbed about 3% on Tuesday.
October Brent crude UK:LCOV3 -0.30% retreated $1.45, or 1.2%, to $115.16 a barrel on ICE Futures after a 2% advance the previous day.
Oil’s rapid rise over the past two days came as the U.S. moved closer to military action against Syrian government targets in retaliation for their alleged use of chemical weapons on civilians.
But “cooler heads in the U.S. and U.K. may be moderating expectations for non-diplomatic action (read military intervention) in Syria,” said Michael Peterson, managing director of energy research at investment bank MLV & Co.
Late Wednesday, U.S. President Barack Obama said in an interview with PBS NewsHour that he had yet to make a decision on his nation’s response.
At the same time, the U.K. indicated it would wait until a parliamentary vote, likely early next week, before considering joining any U.S. effort in Syria, according to The Wall Street Journal. –0--