WTI Heading Towards Third Weekly Drop

WTI  crude  oil headed to its third weekly loss and is expected to end up in red for the sixth session out of seven on Friday as thee easing tensions in the Middle Eastern region continues to drag the crude lower.  The UN Security Council will vote on a resolution for Syria later in the day.

West Texas Intermediate crude futures for November delivery eased 0.40% to $102.62 per barrel on New York’s Nymex at the time of writing, while the European benchmark crude Brent was seen edging 0.22% lower at $108.98 a barrel at the same time in London.

The North American sweet crude closed the previous session in green, as it rose 0.35% following the highly volatile trading. Crude advanced footing on a string of positive US macroeconomic data.

WTI crude – Syria

Members of the United Nations (UN) Security Council, the US, Britain, China, France and Russia are expected to vote on a resolution to destroy chemical weapons from Syria.

Russian diplomats have agreed, as the Russian foreign minister Sergey Lavrov said the peaceful resolution may end in badly, as the US wanted the resolution to include a military action against the country under auspices of UN Chapter 3.

The UN Security Council is expected to draft a resolution later in the day.

US Inventories.

The US crude oil stockpiles rose unexpectedly by 2.63 million barrels during the week ending September 20, higher than the forecasted 0.8 million drop. A fall of 4.4 million barrels was seen in the previous week, the US Energy Information Administration confirmed on Wednesday.

A separate report released by the American Petroleum institute showed the crude supplies dropped by 54,000 barrels last week, lower than analysts’ 1.1 million- barrel drop.

 

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