Brent Crude Lowers To $71.87 Per Barrel

Brent Crude Lowers To $71.87 Per Barrel

The USA, UK and France launched 105 missiles targeting three chemical weapon facilities in Syria after 70 people died in a suspected chemical attack in Douma on April 7.

Oil fell almost 2 percent on Monday after US drilling activity rose and fears waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.

Oil prices recouped some losses after falling sharply.

"Some of the ease in Syria is the headline that is bringing it down", said Phil Streible, senior market strategist at RJO Futures in Chicago.

Kelly went on to say that $70 as a price ceiling "doesn't hurt US consumers too much; it's a price that is actually helping out the stock market, helping out USA energy companies".

"It has got everything to possibly boost it: weak dollar, Syria, potential sanctions, White House uncertainty, China trade".

United States crude fell 1.34 percent to $66.49 per barrel.

Oil prices rose on Tuesday amid concern there could be a high risk of disruptions to supply, especially in the Middle East.

Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed USA sanctions against Iran and falling output as a result of political and economic crisis in Venezuela.

Investors have added to their bullish positions in Brent, which now equal almost 640 million barrels of oil, in nine out of the last 10 months, in part thanks to the premium of the front-month futures contract over those for delivery at a later date, known as "backwardation".

Missile strikes against Syria, inflicted on April 14 by the U.S., France and Britain, did not impress the market, although hypothetically this factor should contribute to the revival of the demand for black gold, since conflicts in the Middle East usually have an impressive influence on the mood in the raw material segment due to the volumes produced and exported in this region of oil.

The next event on investors' radar is potential USA withdrawal from a deal on Iran's nuclear restrictions, signed in 2015.

Even the imposition of unilateral sanctions by the U.S. government could hamper exports of oil from Iran, one of the world's largest producers.

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