Tuesday, October 13, 2015

Tension in Syria pushes oil prices higher

 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)



No comments:

Post a Comment