Oil down as Obama seeks Congress approval on SyriaAgence France-Presse . Singapore / New Age Online
Oil prices fell in Asian trade Monday after US President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said.
New York's main contract, West Texas Intermediate for delivery in October, eased $1.46 to $106.19 a barrel in afternoon trade, while Brent North Sea crude for October fell $1.01 to $113.00.
US markets will be closed Monday for the Labor Day federal holiday.
"Investors are sitting back for now after President Obama's decision on a Syrian intervention to US lawmakers," Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.
After the announcement on Saturday, Obama launched an intense lobbying effort to sway sceptical lawmakers as they weigh whether to support military action against Syria for its alleged chemical weapon use, an official said Sunday.
Although Syria is not a major oil producer, traders are nervous about a broader conflict in the crude-rich Middle East region, including neighbouring Iraq, which is becoming a major exporter.
Obama's surprise decision to hand the issue to the Congress effectively pushes military action back until at least September 9, when US lawmakers return from their summer recess.
It remains to be seen if a war-weary Congress will endorse Obama's push for action.
Secretary of State John Kerry said Sunday that Washington has proof the Syrian regime used sarin gas in a deadly August 21 strike on a Damascus suburb.
Hair and blood samples given to the US by emergency workers who rushed to the scene of the attack showed signs of the powerful sarin nerve gas, he said.
Chua said all eyes will be on Obama at a G20 summit in Russia later this week, where Syria is likely to top the agenda.
"There will be keen attention among investors on discussions about Syria at the G20 summit as well as the outcome of any direct meeting between President Obama and Russian President Putin," he said.
comments powered by Disqus
A Bill awaits House passage to strip off voting rights of Bangladeshi citizens convicted by Collaborators’ Tribunal Order 1972 or International Crimes (Tribunal) Act 1973, Cabinet Secretary said Monday... Full story
The High Court on Monday stayed for three months the execution of a recent government order that made it mandatory for workers to be registered with the official database for overseas employment. Full story
Senior BNP leader Dr Khandaker Mosharraf Hossain on Monday said no greed, intimidation and conspiracy can derail the opposition from its movement for holding election under a non-party government... Full story
Savar police pressed charges against five policemen in connection with Savar business man killing case on Monday... Full story
Armed police battalion members arrested five out-bound passengers at the Hazrat Shahjalal International Airport early Monday when they queued for check-in for Malaysia... Full story
The education ministry Monday formed a two-member inquiry commission to probe into the allegations brought against the Jahangirnagar University vice-chancellor, Anwar Hossain, by a section of teachers... Full story
At least 387 Bangladeshis immigrant workers nabbed during a crackdown launched by the Malaysian authorities against undocumented foreign workers... Full story
The Democratic Left Alliance, a combine of eight left leaning political parties, Monday demanded radical reformation of the Election Commission in a bid to holding the next general elections in a free and fair manner... Full story
The metropolitan Session’s Judge Court on Monday ended the deposition and cross examination of prosecution witnesses in Bangladesh Rifles (BDR) carnage case... Full story
Ghorashal Urea Fertiliser Factory resumed its production Monday after a five month shut, due to lack of methane gas supply, factory officials said... Full story
International Crimes Tribunal-1 on Monday served a show cause notice on New York-based international human rights watchdog Human Rights Watch (HRW) as to why a contempt allegation would not be brought against it... Full story
Police arrested seven youths along with arms, ammunitions and gunpowder from a Munsefpur house under Kaliganj upazila in Gazipur district Sunday night. Full story
President Barack Obama and his top aides launched a full-scale political offensive on Sunday to persuade a skeptical Congress to approve a military strike against Syria, but faced a struggle to win over lawmakers from both parties and a war-weary American public... Full story
Egypt's army-backed authorities referred deposed President Mohamed Mursi to trial on Sunday on charges of inciting murder and violence, in an escalation of the crackdown on his Muslim Brotherhood... Full story
Oil prices fell in Asian trade Monday after US President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said... Full story