Crude rises on Syrian unrest, weaker US dollar

11 October 2012 14:42  [Source: ICIS news]

SINGAPORE (ICIS)--Crude futures rose by more than $1/bbl on Thursday buoyed by a weaker US dollar and supply concerns generated by the escalating conflict in Syria.

At 13:16 GMT, November Brent crude on London’s ICE futures exchange was trading at $115.50/bbl, up by $1.17/bbl from the previous close. Earlier, the North Sea benchmark rose to a session high of $115.59/bbl, up by $1.26/bbl.

November NYMEX light sweet crude futures (WTI) were trading at $92.68/bbl, up by $1.43/bbl from the previous close. Earlier, the US benchmark climbed to a session high of $92.77/bbl, up by $1.52/bbl.

The US dollar weakened against leading currencies, making dollar-denominated commodities, like crude, more attractive to international investors.

Tensions between Syria and Turkey escalated recently as the ongoing civil war in Syria has led to artillery exchanges in the border area between the two nations. There are fears that the conflict could spread and engulf other nations in the region.

On Wednesday, a Syrian airliner was forced to land in Turkey on way from Moscow amid Turkish suspicions that it was carrying weapons. The aircraft was later allowed to continue its journey.

By: James Dennis
+65 6780 4327

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