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MTECHTIPS:-Crude oil edges lower with Middle East, U.S. supplies in focus
Crude oil futures edged lower during European morning hours on Wednesday, coming off the previous session’s one-week high amid ongoing concerns over the health of the global economy.Losses were limited as investors focused on escalating tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute.On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD92.00 a barrel during European morning trade, shedding 0.45%. Earlier in the day, prices fell by as much as 0.7% to hit a session low of USD91.71 a barrel.New York-traded oil prices rallied more than 3% on Tuesday to hit a one-week high of USD92.88 a barrel after Turkey confirmed that it deployed additional F-16 fighter jets to an airbase close to the border with Syria.Tensions between the two countries have been growing since Syrian shells last week killed five people in a Turkish border village.Growing tensions between Iran and Israel also remain in focus. There are fears that an escalation of hostilities between Israel and Iran could set off a conflict across the region and send oil prices skyrocketing.
Crude oil futures edged lower during European morning hours on Wednesday, coming off the previous session’s one-week high amid ongoing concerns over the health of the global economy.Losses were limited as investors focused on escalating tensions between Syria and Turkey and the possibility that Iran could support Syria in such a dispute.On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD92.00 a barrel during European morning trade, shedding 0.45%. Earlier in the day, prices fell by as much as 0.7% to hit a session low of USD91.71 a barrel.New York-traded oil prices rallied more than 3% on Tuesday to hit a one-week high of USD92.88 a barrel after Turkey confirmed that it deployed additional F-16 fighter jets to an airbase close to the border with Syria.Tensions between the two countries have been growing since Syrian shells last week killed five people in a Turkish border village.Growing tensions between Iran and Israel also remain in focus. There are fears that an escalation of hostilities between Israel and Iran could set off a conflict across the region and send oil prices skyrocketing.
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