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Oil prices moderately increased , approaching with up to a high of $ 112 (Brent) and $ 108 (WTI), which followed a fall of more than 4 % in the last two days against that fell concerns about a military strike on Syria . It should be noted that U.S. President Barack Obama on Tuesday promised to study the initiative of Russia to neutralize mimic weapons to Syria . However , he is still skeptical of this step , and continues to seek support from other countries in the event of the failure of a diplomatic solution to the conflict scenario . Add that oil prices could rise sharply if there is any step taken against Syria , which , ultimately , may lead to supply disruptions from the Middle East region, which is the main oil-production .
The prospect of an imminent attack on Syria have added a risk premium of about $ 5, which boosted the price of Brent crude above $ 117 last month, but the market is almost back to the levels that have been studied before.
According to analysts, is expected to further decline , as geopolitical risks are reduced , and the current level of oil prices are still too high from a fundamental point of view. In addition, many experts believe that the U.S. Federal Reserve will decide next week to begin the reduction of monetary stimulus , although Friday's disappointing employment report in the U.S. convinced many economists that any action is likely to be gradual. Reducing incentives from the Federal Reserve is likely to strengthen the dollar, which will affect the cost of oil and other commodities.
It should also be noted that in the course of today's trading was influenced by the Department of Energy data on changes in stocks in the U.S. last week , which showed :
- Oil fell by 0.219 million barrels to 359.993 million barrels ;
- Gasoline inventories rose by 1.658 million barrels . to 217.645 million barrels . ;
- Distillate stocks rose by 2.586 million barrels . to 132.172 million barrels .
- Refining capacity utilization rate of 92.5 % versus 91.7 % a week earlier ;
- Oil terminal in Cushing and decreased by 0.639 million barrels . to 34.12 million bpd.
The cost of the October futures on U.S. light crude oil WTI (Light Sweet Crude Oil) rose to $ 107.77 a barrel on the New York Mercantile Exchange.
October futures price for North Sea Brent crude oil mixture rose $ 0.23 to $ 111.70 a barrel on the London exchange ICE Futures Europe.
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