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…


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