Seeking Alpha

Oil falls following Obama's decision to consult Congress on Syria

  • WTI crude oil is -0.65% to $106.95 a barrel, although up from earlier lows, as the prospect of a U.S. military attack on Syria becomes less certain. However, Brent is +0.15% to $114.18.
  • Investors should sell Brent if an attack causes futures to rise, Morgan Stanley said.
  • "Eroding oil fundamentals already point to a weakening of Brent prices," analyst Adam Longson wrote. "Without significant contagion, we are unlikely to see any real supply disruption related to Syria.
  • ETDs - JJE, RJN, DBE, UBN, RGRE, OIL, USO, DBO, OLO, USL, CRUD, UCO, DTO, SCO, SZO, DNO, UWTI, DWTI, BNO, UOIL, DOIL
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