Crude oil prices fall sharply as geopolitical easing and U.S. debt ceiling talks standoff

was boosted by weaker-than-expected U.Sconsumer confidence data released Friday, while recent geopolitical risks, such as the Syrian chemical weapons and iran's nuclear program, eased gradually, while crude oil prices fell slightly overallCrude oil prices jumped more than 1 per cent in early trading in New York, but quickly retreatedThe U.Sdebt ceiling is raising concerns about the risk of a government shutdown, and crude oil prices are expected to fall further in the futureThe crude oil market closed lower on FridayNYMEX crude futures fell $0.16, or 0.16 percent, to $102.87 a barrelxUk
Friday (September 27) Trend Description:xUkthe Asian session, the price of crude oil at 102.50-102.80 until the narrow marginIn The European session, crude oil prices gradually fluctuated up around $103.20 before retreating slightly to $103Crude oil prices rose again in early trading in New York to break the intraday high of $103.77 a barrel, but then tumbled more than 1 percent, quickly retreating to near the intraday low of $102.36 a barrel and eventually stabilising around $102.85xUk
NYMEX crude futures were trading at $103.77 a barrel, down 0.16 cents, or 0.16 percent, at $102.36 a barrel xUk
　　Workers at the Grangemouth port crude oil refinery union in Scotland voted on Friday in favour of a strike at the PetroIneos-owned field, which produces 210,000 bpd of crude oil production Crude oil prices jumped nearly 1 percent after the news xUk
　　The U.S leading indicator for the week ended September 19 rose to 132.9, the highest level since April 2010, after a revised 132.3 last week and 132.4, the Economic Cycle Institute (ECRI) said Friday xUk
　　The University of Michigan's consumer confidence index for September was 77.5, with an expected 78.0 and an initial reading of 76.8, according to data released Friday by the University of Michigan The data was the lowest since April xUk
　　The United States and Russia agreed Thursday (September 26) on a U.N Security Council draft resolution aimed at clearing Syria's chemical arsenal, ending weeks of diplomatic deadlock xUk
　　The U.S Senate on Friday passed a bill to fund the government from October 1 to November 15 to avoid agency shutdowns, but it is unclear whether the House will pass it Now that the last fiscal year expires on October 1st, Mr Obama's Democrats and rival Republicans are locked in a standoff over whether to withdraw money from health-care reform to meet demands for an increase in the debt ceiling xUk
　　Ric Spooner, chief market analyst at CMC Markets, said: "The easing of the international political situation is also reflected in the oil market, so oil prices are expected to fall in the future "It may not take long for Iran's crude oil supply to return to pre-sanctions levels because it stops production because of reduced exports," said Sara Vakhoshouri, chairman of sVB Energy International, xUk xUk Iranian Oil Minister Bijan Namdar-Zanganeh wants Iran's production capacity to return to pre-sanctions levels of 4 m/a, but Vakhoshouri sees this as unrealistic in the absence of capital and technology in the country xUk suffered less than expected U.S consumer confidence data on Friday, while recent geopolitical risks, such as the Syrian chemical weapons and iran's nuclear program, eased gradually, while crude oil prices fell slightly overall Crude oil prices jumped more than 1 per cent in early trading in New York, but quickly retreated The U.S debt ceiling is raising concerns about the risk of a government shutdown, and crude oil prices are expected to fall further in the future The crude oil market closed lower on Friday NYMEX crude futures fell $0.16, or 0.16 percent, to $102.87 a barrel xUk
　　Friday (September 27) Trend Description: xUk the Asian session, the price of crude oil at 102.50-102.80 until the narrow margin In The European session, crude oil prices gradually fluctuated up around $103.20 before retreating slightly to $103 Crude oil prices rose again in early trading in New York to break the intraday high of $103.77 a barrel, but then tumbled more than 1 percent, quickly retreating to near the intraday low of $102.36 a barrel and eventually stabilising around $102.85 xUk
　　NYMEX crude futures were trading at $103.77 a barrel, down 0.16 cents, or 0.16 percent, at $102.36 a barrel xUk
　　Workers at the Grangemouth port crude oil refinery union in Scotland voted on Friday in favour of a strike at the PetroIneos-owned field, which produces 210,000 bpd of crude oil production Crude oil prices jumped nearly 1 percent after the news xUk
　　The U.S leading indicator for the week ended September 19 rose to 132.9, the highest level since April 2010, after a revised 132.3 last week and 132.4, the Economic Cycle Institute (ECRI) said Friday xUk
　　The University of Michigan's consumer confidence index for September was 77.5, with an expected 78.0 and an initial reading of 76.8, according to data released Friday by the University of Michigan The data was the lowest since April xUk
　　The United States and Russia agreed Thursday (September 26) on a U.N Security Council draft resolution aimed at clearing Syria's chemical arsenal, ending weeks of diplomatic deadlock xUk
　　The U.S Senate on Friday passed a bill to fund the government from October 1 to November 15 to avoid agency shutdowns, but it is unclear whether the House will pass it Now that the last fiscal year expires on October 1st, Mr Obama's Democrats and rival Republicans are locked in a standoff over whether to withdraw money from health-care reform to meet demands for an increase in the debt ceiling xUk
　　Ric Spooner, chief market analyst at CMC Markets, said: "The easing of the international political situation is also reflected in the oil market, so oil prices are expected to fall in the future "It may not take long for Iran's crude oil supply to return to pre-sanctions levels because it stops production because of reduced exports," said Sara Vakhoshouri, chairman of sVB Energy International, xUk xUk Iranian Oil Minister Bijan Namdar-Zanganeh wants Iran's production capacity to return to pre-sanctions levels of 4 m/a, but Vakhoshouri sees this as unrealistic in the absence of capital and technology in the country xUk
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