Oil falls towards $108

Brent crude oil fell towards $108 a barrel on Friday, heading for its third straight weekly decline, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East.

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By Christopher Johnson (Reuters)

Published: Sat 28 Sep 2013, 10:24 AM

Last updated: Sat 4 Apr 2015, 10:58 AM

“The easing of geopolitical tensions and plentiful supply of the market give little reason for any rise in prices,” said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.

Brent crude oil for November fell 90¢ to $108.31 a barrel in early afternoon trading.

US crude for delivery in November dropped 20¢ to $102.83 a barrel, falling for a sixth session out of seven and down nearly two per cent on the week.

A Reuters poll of 32 analysts showed Brent crude is expected to average $107.70 a barrel this year.

The North Sea benchmark, which peaked above $117 a barrel in August on concerns the war in Syria would spiral out of control and hit Middle East oil output, has traded at an average of $108.49 per barrel so far this year.

Christopher Johnson (Reuters)

Published: Sat 28 Sep 2013, 10:24 AM

Last updated: Sat 4 Apr 2015, 10:58 AM

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