** FOX LIVE PRICE UPDATE OF
NATURAL GAS 175.70
UPDATE 1-Oil eases as Trump backtracks on imminent Syria strike
April 13 (Reuters) – Oil prices edged lower on Friday after U.S. President Donald Trump tempered remarks warning of an imminent missile attack on Syria, but were still set for their biggest weekly gains in more than 8 months.
NYMEX crude for May delivery CLc1 was down 21 cents, or 0.3 percent, at $66.86 a barrel at 0329 GMT. For the week, the contract is set to post a gain of nearly 8 percent, following two weeks of declines.
London Brent crude LCOc1 was down 24 cents, or 0.3 percent, at $71.78, and is up about 7 percent for the week.
Both benchmarks are set for their biggest weekly gains since last July after surging to a more than three-year high earlier in the week on tensions over Syria and shrinking global oil inventories.
“This last jump of $5 or so is because of the geopolitical situation caused by the situation in Syria,” said Tony Nunan, senior oil risk manager at Mitsubishi Corp in Tokyo.
“It looks like Trump backed off a little bit and wants to build a coalition, sending a signal to the broader market that he is going to be much more careful than people thought.”
Oil prices hit their highest level since late 2014 on Wednesday after Trump warned that missiles “will be coming” in response to the attack in Syria and Saudi Arabia said it intercepted missiles over Riyadh, both of which raised concerns about possible supply disruptions.
Trump tempered his comments on Thursday and even as he consulted allies such as Britain and France, who could join in any U.S.-led strikes on Syria, there were signs of efforts to prevent the crisis from spiralling out of control. tweeted an attack on Syria “could be very soon or not so soon at all,” raising the prospect that an attack might not be as imminent as he seemed to suggest the day before.
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