West
Texas Intermediate slid for a third day on speculation that the threat of
imminent military strikes against Syria is receding and amid signs of a
recovery in Libya’s crude production.
Futures
fell as much as 0.8 percent after closing yesterday at the lowest price in
three weeks. Secretary of State John John Kerry joined top French and U.K.
diplomats in calling for a United Nations resolution to eliminate Syria’s
chemical arsenal, with the ultimate goal of forcing President Bashar al-Assad
from power. Libya restored about 25 percent of its crude output following talks
between the government and striking workers, while oil export terminals in
Mexico reopened as Ingrid weakened from a hurricane to a tropical depression.
WTI
for October delivery fell as much as 87 cents to $105.72 a barrel in electronic
trading on the New York Mercantile Exchange and was at $105.88 at 8:51 a.m.
Singapore time. The contract declined $1.62 to $106.59 yesterday, the lowest
since Aug. 26. The volume of all futures traded was about 3 percent below the
100-day average.
Brent
for November settlement slid as much as 61 cents, or 0.6 percent, to $109.46 a
barrel on the London-based ICE Futures Europe exchange. The front-month
European benchmark crude was at a premium of $4.09 a barrel to WTI, from $3.88
yesterday.
(Source: Bloomberg)
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