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Oil prices rose to record their highest gains since last year
Oil prices surged on Saturday to record their biggest weekly gain since July last year amid support from concerns about military action in western Syria and reports of a decline in global crude stocks.
Military action in Syria could lead to confrontation with Russia, fears of disruption of crude supplies from the Middle East, but there is no sign of an imminent US-led attack. Analysts said that under this threat, traders in the oil market increased their positions ahead of the weekend.
Global Brent crude futures closed up 56 cents, or 0.78%, to settle at $ 72.58 a barrel, ending the week with gains of $ 5 or 8%.
US benchmark WTI futures rose 32 cents, or 0.48%, to close at $ 67.39 a barrel, ending the week with an 8% gain.
Last week, the benchmark crude oil prices hit their highest levels since late 2014 after US President Donald Trump warned that incoming missiles were in response to an alleged gas attack in Syria and after Saudi Arabia said it had intercepted missiles over Riyadh. But Trump said in a tweet on Thursday that " On Syria may be very close and may not be so. "
The Organization of the Petroleum Exporting Countries (OPEC) said yesterday that the surplus of global oil stocks is nearing fading, and the total production of the Organization fell by 201 thousand barrels per day to 31.96 million barrels per day in March last February.
OPEC Secretary-General Mohamed Barkindo said OPEC and its oil-producing allies were preparing to extend their agreement to cut output to 2019, with a global oil outlook expected to dissipate by September. Finished
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