Oil prices jumped after U.S. strikes on Syria

Oil prices jumped after U.S. strikes on Syria

Moscow. 7 APR. Oil prices jumped on Friday after a rocket strikes the U.S. on Syria, have excited the world markets, writes MarketWatch.

The cost of June futures for Brent crude on the London ICE Futures exchange to 8:05 Moscow time has risen to $0.87 in (1,58%) – to $55,76 a barrel. By the close of market on Thursday futures rose in price by $0.53 (0.97 per cent) to $54,89 per barrel.

Futures price for WTI crude oil for may in electronic trading on the new York Mercantile exchange (NYMEX) has increased by this time to $0,92 (1,78%) – to $52,62 per barrel. The contract rose $0.55 in (1,08%) to $51.7 per barrel – at the end of the previous session.

USA in the night of Friday attacked a military base in Western Syria in response to chemical attack in Idlib. According to us authorities, about 60 Tomahawks were fired from warships in the Mediterranean sea on the airfield in HOMS province.

Syria borders Iraq, the second largest oil producer in OPEC.

“Syria is not a major oil producer, but the current situation increases the risk of escalation of the conflict in the region as a whole” – the analyst of CMC Markets in Sydney Rick Spooner.

Fears associated with the possibility of destruction of oil infrastructure in the region, provide support to the oil market.

However, if the missile strikes the US on Syria will increase tensions in relations between the US and Russia, this factor will not have a significant impact on global oil reserves, the analyst on oil sector Nomura Gordon Kwon.

“We maintain the forecasts for oil prices at $60 and $70 per barrel in 2017 and 2018, basing them on fundamental market factors, not on geopolitical speculation,” – said the expert.

The market’s attention is directed to Baker Hughes data on the number of active oil rigs in the United States over the past week.