Oil prices ease, but geopolitical risk and China policy stance check losses
Oil prices eased only slightly on Tuesday, holding on to most of their gains from the prior session as mounting geopolitical risk after the fall of Syrian President Bashar al-Assad and China's vow to ramp up policy stimulus kept a floor under prices.
Brent crude futures were down 13 cents, or about 0.2%, at $72.01 per barrel. U.S. West Texas Intermediate crude futures were down 14 cents, also 0.2% lower, at $68.23 at 0151 GMT. Both climbed more than 1% on Monday.
«Rising geopolitical tension in the Middle East following the collapse of the Syrian government has added a little risk premium to crude oil prices,» ANZ Research said in a note.
While Syria itself is not a major oil producer, it is strategically located and has strong ties with Russia and Iran, and a regime change could raise regional instability.
Ousted Syrian President Assad's prime minister said he had agreed on Monday to hand power to the rebel-led Salvation Government, a day after the rebels seized the capital Damascus and Assad fled to Russia.
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