Friday, April 07, 2017

Crude Prices Jump after US Strikes on Syria

Oil prices rallied on Friday after the United States launched a missile strike against Syria, sparking fears that an escalation of the conflict in the crude-rich Middle East could disrupt supplies.


Both main contracts jumped more than two percent to their highest levels in a month after US President Donald Trump ordered an assault in Syria.

After benchmark contract Brent struck $56.08 per barrel and WTI $52.94, gains were pared through the day.

By 1100 GMT, Brent North Sea crude for delivery in June was up 35 cents at $55.29 per barrel compared with Thursday's close.

The US benchmark West Texas Intermediate for May won 48 cents at $52.18.

"The situation remains fluid in Syria at the moment as the implications of the massive cruise missile strike from the United States get digested," said Oanda senior market analyst Jeffrey Halley, AFP reported.
 (Tasnim)
7/4/17

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