Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Oil down as Obama seeks to delay Syria vote

11 September 2013, 08:43 AFP

Singapore - Oil prices fell further in Asian trade on Wednesday after US President Barack Obama asked Congress to delay a vote on US military action in Syria, analysts said.

New York's main contract, West Texas Intermediate for delivery in October, eased 55 cents to $106.84 a barrel, while Brent North Sea crude for October was down 7c at $111.18.

In a live address to the nation from the White House late on Tuesday, Obama said delaying a decision on military intervention was necessary to give Russia's plan to neutralise its ally's chemical weapons a chance.

"I have therefore asked the leaders of Congress to postpone a vote to authorise the use of force while we pursue this diplomatic path," Obama said, noting that Secretary of State John Kerry would head to Geneva to meet his Russian counterpart on Thursday.

However, he warned that it was too early to tell if Russia's plan would work, and said cruise missile destroyers would remain stationed in the Mediterranean, ready to strike on the Assad regime.

WTI had closed $2.13 lower in New York ahead of the national address as Syria promised to give up its chemical weapons, while Brent was $2.47 off.

"President Obama now seems to be walking away from his earlier hard stance on Syria, and this means that we are likely to see the recent risk premium on crude dissolve," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.

Syria's promise "eased concerns that the conflict will escalate and disrupt oil shipments from the Middle East", Malaysian banking group CIMB said in a note.

Analysts said investors will also be watching the latest US crude stockpiles data to be released on Wednesday for clues about demand in the world's top oil consumer.


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Wilwon Ochieng
Deputy Governor's ally found with...

The EACC has recovered KES 2 million in fake currency from a close ally of Deputy Governor for Tharaka Nithi Eliud Mati. Read more...

Submitted by
William Korir
Mudavadi given permission to join...

Musalia Mudavadi has been ghranted permission by his party to join the CORD Coalition. Read more...

Submitted by
Victor Tinto
EACC officers raid Deputy Governo...

EACC officers raided the home of a Deputy Governor as theft case continues in court. Read more...

Submitted by
Wilson Ochieng
New IEBC bosses to be named Novem...

New IEBC bosses will be named on November 30. Read more...

Submitted by
William Korir
DP Ruto has spoilt my name, activ...

DP William Ruto has spoilt my name, activist complains. Read more...

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...