US strikes propel oil prices to jump higher
Rohan Takalkar / 07 Apr 2017
Oil prices spiked upwards as U.S. President ordered missile attacks on Syria. WTI crude and Brent crude prices surged 2 per cent immediately after the news surfaced in the market. Oil prices have been highly elastic with the global volatility.
Oil prices spiked upwards as U.S. President ordered missile attacks on Syria. WTI crude and Brent crude prices surged 2 per cent immediately after the news surfaced in the market. Oil prices have been highly elastic with the global volatility.
Although Syria is not an oil exporter, it borders Iraq, which is one of the largest oil producers amongst OPEC (Oil & Petroleum Exporting Countries) members. Oil prices were seen bottoming out on rising US inventories in the global market.
Oil prices were struggling to move upwards despite efforts taken by OPEC and non-OPEC producers for supply cut, aimed at stabilising oil market. However, the spike in oil price remains a temporary outcome of militarily intervention.
Further, the prices are expected to remain under pressure as US production has touched one year high.
Currently, WTI crude and Brent prices are trading at $52.51 and $55.65 per barrel, up by almost 1.5 per cent each for the day.
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