30 Aug 2013
Oil resumes the dumping after UK negative vote on Syria
FXstreet.com (Barcelona) - Oil is broadly being sold off as of late with Brent crude down to $114 from Wednesday's fresh 16-month high shy of the $118 mark, printed on the back of fears about a possible imminent air strike to Syria without the UN approval.
But since yesterday's Obama brief comments on an aired interview saying he had not yet taking a decision, and recent UK parliament negative vote over an attack to Syria, Oil has plummeted at the same time the USD has strengthen, as those fears over an imminent attack cool down.
Given to the fact Brent Oil is more sensible to the middle east turmoil, price has only managed to marginally break below the 50% retrace of the spike started Tuesday around the $111, still a +2.7% higher at current levels, unlike WTIC that has erased almost all gains ever since, still though a +1% higher last at $107.50 of Wednesday's above $112.
But since yesterday's Obama brief comments on an aired interview saying he had not yet taking a decision, and recent UK parliament negative vote over an attack to Syria, Oil has plummeted at the same time the USD has strengthen, as those fears over an imminent attack cool down.
Given to the fact Brent Oil is more sensible to the middle east turmoil, price has only managed to marginally break below the 50% retrace of the spike started Tuesday around the $111, still a +2.7% higher at current levels, unlike WTIC that has erased almost all gains ever since, still though a +1% higher last at $107.50 of Wednesday's above $112.