Crude oil surged on Wednesday to the highest since May 2011 at $112.21 driven by a sharp sell-off across markets amid growing fears of a military strike against Syria that may threaten oil supplies from the Middle East.
Some analysts believe Brent may rise to as much as $125 a barrel “in the coming days” and as high as $150 per barrel on the medium term if the Syrian conflict spreads though the region and disrupts oil supplies. The Middle East pumps one third of the world`s oil.
- Crude is trading around $111.34 a barrel after rising $2.33
- Brent is trading around $116.13 a barrel after rising $1.77
A military action against the regime of Syrian President Bashar al-Assad is likely within the next week. US president Barak Obama is currently working with allies to agree on the type of action to be taken against Syria which used chemical weapons against civilians.
In the US, crude inventories increased 2.47 million barrels last week, the API said on Tuesday, while gasoline inventories declined by 1.13 million barrels. The EIA later today may show that crude supplies probably advanced by 750,000 barrels.
- Natural gas is trading at $3.567 per cubic feet after rising 0.93%
- Gasoline is trading at $3.0768 per cubic feet after rising 1.41%
- Heating oil (diesel) is trading at $3.1886 a gallon after rising 0.88%
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Oil At Highest Since May 2011 On Syria Worries
Published 08/28/2013, 06:24 AM
Updated 07/09/2023, 06:31 AM
Oil At Highest Since May 2011 On Syria Worries
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