Middle East > Syria > Oil rises above $106 a barrel on Syrian crisis

Syria: Oil rises above $106 a barrel on Syrian crisis

2013/08/28

The price of oil rose above $106 a barrel Tuesday next a U.S. official said there was strong evidence that Syria used chemical weapons against civilians, a sign that Washington may be considering a military strike against President Bashar Assad's regime.
U.S. benchmark crude for October delivery was up 34 cents to $106.26 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The arrangement fell 50 cents, or 0.5 %, to close at $105.92 on Monday.

The price of oil has risen about 15 % in the completed three months on concern that unrest in Egypt and civil war in Syria could disrupt production and exports, particularly in Libya and Iraq. It has as well raised the specter of spreading violence that could block significant supply routes.

Secretary of National John Kerry appeared to be making a case for an aggressive response to the Syrian conflict on Monday at the same time as he said there “undeniable” evidence of a deadly gas attack in a Damascus suburb that killed hundreds of people.
Evan Lucas, market strategist at IG in Melbourne, Australia, said prices were rising due to the potential for international intervention in Syria.

“The additional we hear about this, the additional gas and oil will be the places to watch,” Lucas said.
Brent crude, which sets prices for imported oil used by a lot of U.S. refineries, rose 48 cents to $111.21 a barrel on the ICE Futures exchange in London.

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