Brent crude oil futures dropped to 115 dollars a barrel, today, as the possibility of a delay in U.S. intervention in Syria helped calm concerns over West Asian oil supplies. Brent crude for October delivery hit a low of 114.94 dollars a barrel, down 1.67 dollars, before recovering to trade around 115.40 dollars a barrel. Brent had jumped over 5 percent in the previous two sessions, posting its strongest two-day gain since January 2012. October US crude fell 1.50 dollars, to a low of 108.60 dollars a barrel, before rallying to around 109 dollars a barrel, following a near 4 percent gain over the past two days. Analysts said the market wass reassessing the supply implications of the conflict in Syria, and that the risk premium had been overstated.
News On AIR | August 29, 2013 6:33 PM
Brent crude drops to $115 dollars per barrel