The conflict in Syria makes oil prices climb

Posted on September 1, 2013

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NYMRX

Crude oil prices settled at a 2-year high August 28 on the NYMEX’s futures market and also climbed on the London market, driven by continuing concerns that a potential military strike in Syria could disrupt world oil supplies coming from the Middle East.

In trading on New York and London markets on Aug. 28, prices moved up across the energy complex. The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange rose $1.09, closing at $110.10/bbl on Aug. 28, which was crude’s highest settlement since May 3, 2011. The November crude contract climbed $1.07 to $109.37/bbl.

In London, the October IPE contract for North Sea Brent crude climbed $2.25 to $116.61/bbl, marking its highest settlement since Feb. 19.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes shot up $2.97 closing at $112.25/bbl on Aug. 28.

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