The prices of oil futures grew on Monday as traders assessed the potential consequences of the opposition forces seizing power in Syria and ousting President Bashar al-Assad. West Texas Intermediate (WTI) for January’s settlements increased to sell for $68.50 per barrel. Simultaneously, Brent for February’s deliveries priced at $72.37 per barrel.
“The development in Syria has added a new layer of political uncertainty in the Middle East, providing some support to the market,” Mitsubishi UFJ Research and Consulting analyst Tomomichi Akuta told Reuters. “But Saudi Arabia’s price reductions and OPEC+’s production cut extension last week underscored weak demand from China, indicating the market may soften toward year-end,” Akuta added. “Markets are largely pricing that the tensions in Syria will remain contained within its own space and the risks of a wider oil supply disruption remain low,” IG market strategist Yeap Jun Rong told Bloomberg.
Israel hits suspected chemical weapons sites in Syria
Israeli Foreign Minister Gideon Sa’ar said on Monday that the Israel Defense Forces (IDF) struck sites in Syria suspected of containing chemical weapons and long-range missiles amid political turmoil in the country. Syrian President Bashar al-Assad was overthrown yesterday, leading to uncertainty over future leadership. Sa’ar said Israel targeted the sites “so they will not fall in the hands of extremists.” He insisted the IDF’s presence on Syrian territory is “limited and temporary” and only aiming to ensure Israel’s security.
nn adio file:
the enemy of my enemy is still my enemy
