Heightened geopolitical tensions in Syria and a weak dollar are pushing
oil prices higher, though it is unlikely they will reach $60 to $70
(Dh220.38 to Dh258) per barrel by the end of the year, analysts said.
“In addition to this, we are seeing heightened tensions in Syria as
Russia joins the fight. There are the main reasons why prices are
heading upwards.”
Russia launched air strikes against Daesh (the
self- proclaimed Islamic State of Iraq and the Levant) militants in
Syria last week, escalating geopolitical tensions in a Middle East
already plagued with wars and conflicts.
Brent, the global
benchmark was priced at $52.70 per barrel, up 0.09 per cent while West
Texas Intermediate (WTI) registered an increase of 0.14 per cent to
$49.70 at 3.36pm UAE time.
The bullish momentum is likely to pick
up by the end of the month but the entry of Iranian oil next month could
put a break to it. (s:gulfnews)
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