Oil price warning: Barrel price DROPS amid fall out from Syria bombing


Saturday’s bashes marked the biggest intervention by Western countries against Syrian President Bashar al-Assad and his associate Russia, which is facing further economic sanctions over its rle in the conflict.

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

Oil fees recouped some losses after falling sharply. Brent unrefined was last at $71.78, down 1.1 percent on the day, with a rise in US drilling for new building also dragging on prices.

US crude fell 1.34 percent to $66.49 per barrel.

Analysts suggested the airstrikes and nearby factors have combined to drag the price of oil down with the merchandise expecting no follow up to the crisis.

Phil Streible, senior market strategist at RJO Followings in Chicago said: “Some of the ease in Syria is the headline that is effecting it down.

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

Harry Tchilinguirian, BNP Paribas pandemic head of commodity market strategy said: “As far as developments in Syria are upset, the market has had a sigh of relief in the sense that there is no escalation, either diplomatically, or on the range, following the intervention by the U.S., France and the UK.

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

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