Sunday, 09 May, 2021


Oil markets are tense in wake of western strikes on Syria

Oil markets are tense in wake of western strikes on Syria Oil markets are tense in wake of western strikes on Syria
Conrad Doyle | 17 April, 2018, 15:50

The strikes of Saturday marked the biggest intervention by Western countries against the president Syria, Bashar Al-Assad and his ally Russian Federation, who is to face further economic sanctions over its role in the conflict.

Another main market driver has been the United States, where crude production C-OUT-T-EIA has soared by nearly a quarter since mid-2016, largely thanks to a booming shale industry.

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.

Aside from the race of profit taking after the air strikes oil has come under some pressure from another rise in US drilling activity.

The Oil Prices got arise of almost 10 percent in the run-up to the strikes, just like investor got up on assets, such as gold or U.S. Treasuries, which have the capacity to shield against geopolitical risks.

Brent crude oil futures were at $71.87 per barrel at 0124 GMT, down 71 cents, or 1 per cent from their last close.

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".

Andrew Sheets, chief cross asset strategist at Morgan Stanley, told Bloomberg television that now the market is in the midst of a season that tends to support prices in addition to geopolitical tension; but he believes in the longer term the demand for crude will decline due to the rise of alternative energy, and "the supply of oil is also probably going to be declining, because companies have cut back enormously on their capital expenditures, and oil is increasingly hard and expensive to find".

USA companies have added seven signs in the week up to April 13, bringing the total to 815.

Oil markets have generally been well supported this year, with Brent up by around 16 percent from its 2018-low in February, due to healthy demand which comes as the producer cartel of the Organization of the Petroleum Exporting Countries (OPEC) leads supply cuts aimed at tightening the market and propping up prices. This total is highest since March 2015 said Baker Hughes on Friday.

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