Oil: an overview of the market situation

Oil prices fell , departing from a two-year high as the prospect of an imminent attack on Syria has decreased, and better-than- expected economic data in the U.S. suggest that the Federal Reserve will cut back its program to purchase assets .

Prices fell by 1.4 %, as the United Kingdom and France have said they are awaiting the outcome of an investigation by the United Nations , who shall verify that the use of Syria's chemical weapons.

Add that Syrian President Bashar al-Assad said on August 29 that Syria would defend itself against any aggression from the West. It is reported by Reuters . The Syrian leader made ​​such a statement after reports that the U.S. and its allies are preparing a military strike in response to the alleged chemical attack near Damascus .

On the eve of the UN Security Council failed to authorize an attack on Syria. However , following yesterday's emergency meeting of the NATO Council NATO Secretary General Anders Fogh Rasmussen has actually confirmed fast start military operations against Damascus.

Most experts agree that an attack on Syria will be done on Friday night . In support of this prediction is the fact that on Thursday scheduled an emergency meeting of the British Parliament , called to approve the strike against Syria . It will end at 23:00 Kyiv time.

With respect to data , the attention was focused on the many today to report on the GDP . The Ministry of Labour stated that reflect changes in import and export of the U.S. economy grew in the second quarter, more than previously estimated. Increase was due to an upward revision in exports and business investment. The report showed that GDP grew by 2.5 percent in the second quarter , reflecting an upward revision from the initial estimate of 1.7 percent growth . Economists had expected a somewhat less strong upward revision in the GDP growth rate to 2.3 percent.

The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) fell to $ 109.38 a barrel on the New York Mercantile Exchange.

October futures price for North Sea Brent crude oil mixture fell to $ 115.98 a barrel on the London exchange ICE Futures Europe.