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Oil falls 1% because of Western strikes in Syria


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Oil falls 1% because of Western strikes in Syria

Post by rocky on Mon 16 Apr 2018, 7:44 am

[ltr]Oil falls 1% because of Western strikes in Syria[/ltr]
 Since 2018-04-16 at 10:51 (Baghdad time)
[ltr]Follow up of Mawazine News[/ltr]
[ltr]Oil fell 1 percent on Monday as markets opened in the wake of Western air strikes in Syria at the weekend, while prices were under additional pressure from increased US drilling.[/ltr]
[ltr]The United States, France and Britain fired 105 rockets on Saturday targeting what they said were three chemical weapons facilities in Syria in response to a suspected poison gas attack on Duma on April 7.[/ltr]
[ltr]By 0547 GMT, Brent crude futures were at 73.85 dollars a barrel, down 73 cents, or 1 percent, from the previous close.[/ltr]
[ltr]US crude <LCOc1> was down 57 cents, or 0.9 percent, at $ 66.82 a barrel.[/ltr]
[ltr]Traders said Asian markets had cautiously started after Western strikes with some relief after the escalation seemed unlikely.[/ltr]
[ltr]"In the wake of the coordinated attack on Syria, oil prices have fallen slightly," said Sucrit Vijayakar, director of energy consultancy Trevkata. "But the impact seems limited and irreversible."[/ltr]
[ltr]Oil markets have come under increasing pressure from an increase in state drilling activities.[/ltr]
[ltr]US energy companies added seven oil refineries to pump new production over the week ending April 13 to a total of 815, the highest level since March 2015, Baker Hughes Energy Services said on Friday.[/ltr]
[ltr]However, Brent is still up more than 16 percent from its record low of 2018 in February due to strong demand, conflicts and tensions in the Middle East.[/ltr]
[ltr]Syria is not a major oil producer, but the Middle East in general is the world's top exporter of crude, and tensions in the region are often a concern for world oil markets.[/ltr]
[ltr]"Investors are still concerned about the impact of a wider conflict in the Middle East," ANZ Bank said.[/ltr]

    Current date/time is Mon 21 Jan 2019, 1:41 am