Crude, Precious Metals Ease as Syrian Decision Not Imminent (GLD) (USO)
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U.S. market futures are up Thursday morning following comments from U.S. President Barack Obama suggesting that an attack on Syria might not be imminent.
During an interview with PBS NewsHour Wednesday, Obama said he hasn't made a decision on whether to take military action against Syria and he doesn't want to get drawn into a lengthy conflict. The president did note that the Syrian's alleged use of chemical weapons will be factored into his decision and that the Assad regime should be held accountable.
Sentiment was echoed in the U.K., with David Cameron's cabinet saying it would wait until UN inspectors' findings into the matter are presented. The U.K. will vote on taking action next week.
Over the last several sessions, crude and gold prices have been active on expectation that Syria would be engaged as tensions have mounted. Though not a large factor in the output of crude, many believe that other nations in the Middle East might take action should the U.S. engage Syria, which could lead to a notable disruption of crude supplies.
Into the open, United States Oil Fund LP (NYSE: USO), iPath S&P GSCI Crude Oil Total Return (NYSE: OIL), iShares Silver Trust (NYSE: SLV), and SPDR Gold Trust (NYSE: SLV) are indicated lower.
During an interview with PBS NewsHour Wednesday, Obama said he hasn't made a decision on whether to take military action against Syria and he doesn't want to get drawn into a lengthy conflict. The president did note that the Syrian's alleged use of chemical weapons will be factored into his decision and that the Assad regime should be held accountable.
Sentiment was echoed in the U.K., with David Cameron's cabinet saying it would wait until UN inspectors' findings into the matter are presented. The U.K. will vote on taking action next week.
Over the last several sessions, crude and gold prices have been active on expectation that Syria would be engaged as tensions have mounted. Though not a large factor in the output of crude, many believe that other nations in the Middle East might take action should the U.S. engage Syria, which could lead to a notable disruption of crude supplies.
Into the open, United States Oil Fund LP (NYSE: USO), iPath S&P GSCI Crude Oil Total Return (NYSE: OIL), iShares Silver Trust (NYSE: SLV), and SPDR Gold Trust (NYSE: SLV) are indicated lower.
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