Oil prices mixed in Asian trade | Inquirer Business

Oil prices mixed in Asian trade

/ 12:07 PM September 04, 2013

AP FILE PHOTO

SINGAPORE—Oil prices were mixed in Asian trade Wednesday after climbing in New York as concerns over a US-led military strike on Syria returned.

New York’s main contract, West Texas Intermediate for delivery in October, eased 26 cents to $108.28 in mid-morning trade, while Brent North Sea crude for October gained 12 cents to $115.80.

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Market jitters over Syria resurfaced after Republican House Speaker John Boehner and his right hand man Eric Cantor said they would support a strike against the Assad regime over its alleged use of chemical weapons.

The move was a rare gesture of unity in a divided Congress and left US President Barack Obama hopeful of securing a vote for action from lawmakers next week.

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Investors fear US intervention could lead to a wider conflict in the politically volatile Middle East, a key source of the world’s crude oil supplies.

Oil prices have tumbled from multi-month highs after Obama said he would seek approval from Congress for military action. They had soared on speculation of imminent US strikes.

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TAGS: Asian Trade, oil prices, syria
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