Oil Retreats on Speculation Syria Intervention Will Be Limited

Oil retreated from its highest close in more than three years as Middle East tensions abated on speculation that U.S.-led military intervention in Syria won’t go beyond the weekend’s missile strikes.

Futures slipped as much as 1.9 percent in New York. President Donald Trump declared “mission accomplished” a day after the U.S., France and the U.K. launched military strikes in response to Syrian leader Bashar al-Assad’s suspected chemical attack on civilians. British Foreign Secretary Boris Johnson insisted that the hit was a one-time move. Oil rigs in the U.S. rose to a three-year high, signaling production may rise from record levels, contributing to crude’s drop.

“Underpinning this retreat is a consensus that there will be no further occurrences of U.S. military action in Syria,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London…

 

Click Here For Remainder of Article 

Posted in: Daily News

About the Author:

Post a Comment