Syria fears, OPEC compliance propping up oil price: IEA

Fears of fresh escalation in Syria’s brutal war coupled with compliance with a pledge by the OPEC cartel and Russia to limit production are keeping oil prices at current high levels, the International Energy Agency said Friday.

However a string of tit-for-tat tariff announcements by the world’s top economies the United States and China has sparked worries that prices could suffer should their dispute descend into an all-out trade war.

“Political uncertainty in the Middle East has returned to the fore in recent days. As we write, uncertainty about the next steps in Syria and Yemen have helped propel the price of Brent crude oil back above $70” per barrel, the IEA said Friday in its monthly report…

Click Here For Remainder of Article 

Posted in: Daily News

About the Author:

Post a Comment