US crude surges $3.09/bbl on Syrian conflict

27 August 2013 20:54  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for October delivery settled at $109.01/bbl, up $3.09, on Tuesday, as investors cashed out of the stock market and moved into commodities on a flight-to-safety in response to the expected retaliation against Syria, suspected to have used poison gas against civilians.

Concerns that an attack on Syria could escalate across the Middle East and affect crude oil supplies triggered the round of length acquisition across the energy complex, lifting the risk premium on commodities.

Upside momentum lifted October West Texas Intermediate (WTI) to establish an intra-day high of $109.32/bbl, up $3.40, before retreating.

ICE Brent for October delivery outperformed its American counterpart, establishing an intra-day high of $114.42/bbl before settling at $114.36/bbl, up $3.63, resulting in the widening of the negative trans-Atlantic arbitrage.

By: Ignacio Sotolongo
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