- POSTED: 14 Sep 2013 04:12
This graph is an experimental feature that tracks number of views over time.
Oil prices closed in mixed fashion on Friday as the US and Russia held crucial talks on dismantling Syria's chemical weapons arsenal.
NEW YORK: Oil prices closed in mixed fashion on Friday as the US and Russia held crucial talks on dismantling Syria's chemical weapons arsenal.
New York's main contract, West Texas Intermediate for October delivery, slipped 39 cents to close at $108.21 a barrel.
The European benchmark, Brent North Sea crude for delivery in October, edged up 15 cents on the future contract's final day to $112.78 a barrel in London trade.
US Secretary of State John Kerry and his Russian counterpart Sergei Lavrov held a second day of talks in Geneva to hammer out the details of a Russian plan to secure Syria's chemical weapons.
Both sides said they hoped the chemical weapons talks would open the door to wider efforts to end Syria's civil war, which has claimed more than 110,000 lives since March 2011.
Kerry said Washington and Moscow were "working hard to find common ground" to get peace talks going in Geneva that would bring together Assad's regime and the opposition.
"Coming out of the meeting on Syria is the idea that it's going to take some time, there's no risk of an attack right now to fear," said John Kilduff of Again Capital.
Syrian President Bashar al-Assad has vowed to relinquish his chemical arms, after the alleged August 21 attack on civilians prompted threats of US-led military strikes.
Timothy Evans of Citi Energy Futures said there had been a sense of progress after Kerry said the discussion so far had been constructive.
"The fact that there is also some talk that progress on chemical weapons could lead to a wider peace agreement also sends a message that the larger geopolitical tension, even across the wider region may be easing, or at least has the potential to ease," Evans said.
Though Syria is not a major oil producer, the market fears that a US-led military intervention could spread conflict in the oil-rich Middle East.
Oil prices were also supported by fresh reports of supply disruptions in crude exporter Libya after the country's National Oil Corporation on Thursday declared force majeure on three ports.
Libyan oil exports plunged in August by more than 70 per cent after protesters, including policemen and border guards, forced terminals to shut over a pay dispute.