Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
Oil Prices Bumpy After Western Strikes On Syria
Oil prices fell on Monday morning in Asia
Investing.com - Oil prices fell on Monday morning in Asia as markets opened the week cautiously following western air strikes in Syria over the weekend.
Crude Oil WTI Futures for May delivery were trading at $66.83 a barrel in Asia at 11:00PM ET (03:00 GMT), down 0.83%. Brent Oil Futures for June delivery, traded in London, were down 1.02% at $71.84 per barrel.
Shanghai Crude Oil WTI Futures for September delivery were down 0.28% at 424.90 yuan ($67.63) per barrel at 11:00PM ET (03:00 GMT) on Monday.
In retaliation for a suspected poison gas attack in Douma on April 7, the U.S., France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria.
Although Syria is not a key oil producer, the wider Middle East is the world’s most important crude exporter and tension in the region tends to trigger concerns that oil supplies will be disrupted.
The supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia has supported oil markets considerably. OPEC said the global oil inventory surplus is close to evaporating, having shrunk by nine-tenths since the start of 2017 due to the supply cuts and rising demand.
However, a rise in U.S. oil drilling activity is putting pressure on oil markets. U.S. energy companies added seven oil rigs drilling for new production in the week to April 13, bringing the total to 815, the highest since March 2015.
Despite this, healthy demand and conflict in the Middle East continue to prop up prices.
OPEC’s pact to reduce crude output runs until the end of 2018 but there is growing confidence that the cooperation will be extended. The group will meet in June to decide on its next course of action.
Related Articles
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.