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Oil prices rose slightly today, rising above $ 106 a barrel, as the confrontation between the U.S. and Syria have increased significantly, which may help reduce oil production in the Middle East region. But concerns about the stocks and uncertainty about global demand partially offset these concerns.
Add that many investors are waiting to see the new president of Iran can still resolve the dispute with the U.S. over Tehran's nuclear ambitions, which contributed to the introduction of Western sanctions, and reduced oil exports.
Experts point out that the movement of the oil market is currently based mainly on the geopolitical factors. They also added that the U.S. decision to supply arms to rebels in Syria threatens to completely transform the civil war in Syria into a war between the world powers, given the fact that Russia is providing military support to the Assad regime. Add that to the meeting, G8, is expected to Syria will be a key topic of conversation between U.S. President Barack Obama and Russian President Vladimir Putin, as both countries seek to find common ground to ensure the termination of the two-year civil war.
It is also worth noting that many investors are cautious on the eve of the meeting of the Federal Reserve System, which will begin tomorrow. Analysts believe that Ben Bernanke may give more clarity about how and when the central bank will reduce the amount of their incentive programs.
The cost of the July futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 97.97 dollars a barrel on the New York Mercantile Exchange.
July futures price for North Sea Brent crude oil mixture rose 21 cents to $ 106.05 a barrel on the London exchange ICE Futures Europe.