High oil prices, with the escalation of fighting in Syria 10/2/2015
High oil prices, with the escalation of fighting in Syria
BAGHDAD / Obelisk: the price of oil futures rose in Asian trading Friday driven by the escalation of fighting in Syria, but they are still moving towards ending the week unchanged at the receding expectations of a US oil installations affected by the hurricane, "Joaquin".
US crude prices rose 49 cents, down 1.1 percent, to settle at $ 45.23 a barrel, having closed 35 cents lower Thursday.
However, Brent crude, or the global crude measurement has increased by only 32 cents, or 0.67 percent, to $ 48.01 a barrel, while in the previous session, closed at a loss of 68 cents.
Traders noted that in addition to political risks that have returned to oil markets because of Syria, where Chen Russia and the United States bombing campaigns, the receding fears about Hurricane Joaquin in America, led to a futures oil prices limited gains.
He said the US National Hurricane Center said Joaquin, which has raised fears of a Thursday storm to hit oil installations on the east coast of the United States, dropped its intensity fell likelihood that a major threat.
And exacerbate the situation with the arrival of hundreds of Iranian soldiers to Syria to join the large ground offensive in support of government forces in a sign that the civil war will expand regional and global impacts.
But analysts in the "ANZ" Foundation said in a note to clients "Market fundamentals remain weak ... we continue to expect the most vulnerable are key factors pushing crude oil prices to decline in the short term."
Last edited by Doodle Brain; 10-03-2015 at 07:41 PM.