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6 Sep 2013
Oil closes at highest level since May 2011
FXstreet.com (Córdoba) - Oil futures extended gains Friday as the conflict over Syria intensified, raising worries over disruptions to the oil trade in the Middle East.
Crude futures rose to mark their highest close since early May of 2011 and a daily gain of around 2% amid concerns about a possible military strike against Syria. Crude prices were also lifted by a weaker-than-expected US jobs report.
Oil for October delivery advanced $2.16, or 2.0%, to close at $110.53 a barrel on the New York Mercantile Exchange after touching a high at $110.77. Prices gained 2.7% for the week. Brent crude oil futures rose $0.81 or 0.7% to $116.07 per barrel.
Tensions over Syria intensify
The US Congress will vote next week on President Barack Obama's proposal to launch a missile strike against Syria. At a Friday news conference at the Group of 20 summit, Russian President Vladimir Putin said Russia will “assist” Syria if the US goes forward with a military strike.
Meanwhile, the US has reportedly intercepted a message from an Iranian official ordering Shiite militia groups in Iraq to attack American interests in Baghdad if a strike on Syria takes place.
Crude futures rose to mark their highest close since early May of 2011 and a daily gain of around 2% amid concerns about a possible military strike against Syria. Crude prices were also lifted by a weaker-than-expected US jobs report.
Oil for October delivery advanced $2.16, or 2.0%, to close at $110.53 a barrel on the New York Mercantile Exchange after touching a high at $110.77. Prices gained 2.7% for the week. Brent crude oil futures rose $0.81 or 0.7% to $116.07 per barrel.
Tensions over Syria intensify
The US Congress will vote next week on President Barack Obama's proposal to launch a missile strike against Syria. At a Friday news conference at the Group of 20 summit, Russian President Vladimir Putin said Russia will “assist” Syria if the US goes forward with a military strike.
Meanwhile, the US has reportedly intercepted a message from an Iranian official ordering Shiite militia groups in Iraq to attack American interests in Baghdad if a strike on Syria takes place.