Saturday 26 October 2013

Saudi Gazette - Oil prices and US-Iran bid for reconciliation | @neaimsa

Saudi Gazette - Oil prices and US-Iran bid for reconciliation:

"OPEC basket oil prices started to slightly decrease in the international oil markets from its increasing trends witnessed in the last four months reaching $106.7 per barrel from an average September monthly oil price of $108.7. The slight decrease in the price is attributed to the political tension in the Middle East due to the latest US political position on the Syrian issue and the recent American-Iranian political reconciliation. It’s worth mentioning here that the current price is similar to December 2012 average monthly price ($106.5) reflecting the fact that price fluctuation in 2013, including the latest three- month price increases, is primarily due to the Middle East political tension and not supply shortages. The same argument can be said for Brent and WIT crude types reaching $110 and $98 a barrel, respectively. "

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