Oil fell a second day as Libya’s oil output rebounded and the threat of military strikes against Syria receded, damping concern that Middle East supplies may be disrupted.
The lower price of oil will impact some Australian stocks such as producers like Woodside Petroleum (ASX: WPL) and Santos (ASX: STO), but there is potential upside for the airlines such as Qantas (ASX: QAN) with cheaper fuel bills.
West Texas Intermediate crude for October delivery, which expires today, fell 1.6 percent to settle at $104.67 barrels, the lowest settlement since Aug. 21.
The contract fell 3.3 percent on the week.
Libyan output yesterday was more than five times higher than earlier this month and Iraqi capacity is rising, government officials said.
Syria unveiled an initial inventory of chemical weapons as Iranian President Hassan Rohani said his country would never seek nuclear arms.
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