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Oil markets tense after western strikes on Syria, rising U.S. drilling weighs

  • by Xavier Trudeau
  • in Financer
  • — Avr 17, 2018
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Oil pumping facilities are seen at Venezuela's western Maracaibo lake in Venezuela, November 5, 2007. This change was marked due to the view of weekends of US - led missile strikes on Syria which were unlikely to mark the start of a much greater conflict.

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.

"As a macro asset-allocator, if you want to hedge your portfolio against geopolitical risk, your prime candidate is oil, especially if that risk is in the Middle East".

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"Investors continued to worry about the impact of a wider conflict in the Middle East", ANZ bank said. Brent, the global benchmark, fell $1.16, or 1.6%, to $71.42 a barrel.

Aside from a flurry of profit-taking after the air strikes, oil also came under some pressure from another rise in USA drilling activity.

United States energy companies added seven oil rigs drilling for new production in the week to 13 April, bringing the total to 815, the highest since March 2015, energy services firm Baker Hughes said on Friday.

Although Syria is not a significant oil producer, the tension in the region of Middle East tends to put oil market on edge because the area of Middle East which is the main oil Producing area will also be affected by conflicts in Syria.

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