Brent falls towards US$109
LONDON: Global oil prices fell towards US$109 (US$1.00 = RM3.28) yesterday after the United States agreed to call off military action against Syria, easing supply concerns.
Brent crude for delivery in November fell by almost US$3 to US$108.73, its weakest level since August 12, oil pared some of those losses to trade US$2.21 down at US$109.49 by 1241GMT after protesters in Libya denied a deal had been struck and said terminals there would remain closed until their demands were met.
Meanwhile, US oil for October delivery was trading down US$1.56 cents at US$106.65 at 1242GMT after hitting a low of US$106.48 earlier in the session.
"The most important factor is the lower perception of geopolitical risk. This has brought prices under significant pressure," said Carsten Fritsch, an oil analyst at Commerzbank.GOLDLONDON:
Gold fell around one per cent yesterday, with markets expecting the US Federal Reserve to begin tapering its commodity-boosting monetary stimulus as soon as this month despite the withdrawal of Lawrence Summers from the race to head the US central bank.
Spot gold fell by as much as 1.2 per cent to a session low of US$1,310.04 earlier and was trading at US$1,311.76, down 1.1 per cent by 1202GMT.
It posted its steepest weekly drop in more than two months last week, falling by 4.6 per cent.
In other precious metals, spot silver, which fell to a one-month low of US$21.35 last Friday and was trading down 1.9 per cent at US$21.79.
Spot platinum fell 0.9 per cent to US$1,437.24, while spot palladium rose 0.6 per cent to US$700.72. - Reuters