Oil tanks at end of week

16-Sep-13

Oil prices tanked at the end of last week- On the Nymex, crude for September delivery sank to US$107.5 a barrel, from $110 levels, while Brent North Sea crude for delivery in October dropped to US$111.90 per barrel from a week ago level of US$116. Fears of a US-led military strike against Syria receded amid discussions between USA and Russia to remove Syria’s chemical weapons. Market expectations are growing that the Fed will begin from tapering its US$85 bln-a-month asset purchase policy, known as quantitative easing, next week.