Wednesday, 10 October 2012 09:18
SINGAPORE: Brent crude slipped below $114 on Wednesday after a 2 percent jump the previous day, with a cloudy economic outlook offsetting fears about disruptions to Middle East oil supply as a conflict between Turkey and Syria escalated.
A stronger US dollar, as investors shied away from risk on concerns about a slowdown in global growth, also weighed on oil prices, making the commodity more costly for holders of other currencies.
Brent crude had slipped 67 cents to $113.83 a barrel by 0245 GMT, after a 2.4 percent rise on Tuesday to its highest since Sept. 18.
US crude fell 62 cents to $91.77 a barrel. The dollar index rose 0.23 percent.
"There's definitely a little bit of profit-taking after such a strong session," said Ben Le Brun, a market analyst at OptionsXpress in Sydney.
"The rising tension between Turkey and Syria is underpinning oil prices."
The two neighbours have repeatedly exchanged fire since last week ...