Oil markets tense after strikes on Syria

Oil markets tense after strikes on Syria

Oil fell 1% today as markets opened following western air strikes in Syria over the weekend, while a rise in US drilling for new production also dragged on prices.

Brent crude oil futures were at $71.85 per barrel at 0547 GMT, down 73 cents, or 1%, from their last close. WTI crude futures were down 57 cents, or 0.9%, at $66.82 a barrel,  CNBC reported.

Oil markets also came under pressure from a rise in US oil drilling activity.

US 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, energy services firm Baker Hughes said.

Despite this, Brent is still up more than 16% from its 2018 low in February, due to healthy demand and also because of conflict and tension in the Middle East.

The United States, France and Britain launched 105 missiles on April 14, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.


Vestnik Kavkaza

in Instagram