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.
The cost of gold futures fell slightly , which was due to pressure from the U.S. dollar, as well as investor speculation that the Federal Reserve may soon resort to a decline in asset-purchase program against the publication of better-than -expected GDP data .
It is learned that the U.S. economy grew higher than previously expected, as in the second quarter, exports and business investment were revised higher, showing that the strong growth trajectory will continue in the second half of the year. According to the report , the gross domestic product grew in the second quarter by 2.5 % year on year. The initial assessment , which reported last month , was 1.7%. Economists had expected the revision of GDP growth in the second quarter to 2.3 %.
GDP report , which was released today , paints a picture of the economic recovery is gaining momentum , although growth remains weak by historical standards . These figures for GDP growth - the last before the Fed meeting on September 17-18, and the Fed decision to reduce the bond purchase program (or a failure to take such a decision .) Earlier, officials of the Federal Reserve reported that the redemption of bonds may be reduced if the economy will continue to grow .
Meanwhile , we note that the dynamics of trading continues to influence the tense situation in Syria. In recent days Washington further tightened rhetoric against Damascus , accusing it of using chemical weapons. The Pentagon said it was ready to strike at Syria as soon as is ordered by President Barack Obama. U.S. Vice President Joe Biden said Tuesday that the U.S. administration is engaged in intensive consultations with our allies .
In addition, experts say that there are signs that the recent rise in gold prices was related to the limited demand for gold bars and jewelry from major customers in Asia.
The cost of the October gold futures on COMEX today dropped to $ 1405.40 per ounce.
Change % Change Last
GOLD 1,419.00 -1.60 -0.11%
OIL (WTI) 109.36 0.35 0.32%