Arab Today, arab today oil surges to twoyear peaks
Last Updated : GMT 23:05:53
Arab Today, arab today
Arab Today, arab today

Concerns about Mideast supplies intensifying

Oil surges to two-year peaks

Arab Today, arab today

Arab Today, arab today Oil surges to two-year peaks

Photo taken August 21, 2013 shows an oil well near Tioga, North Dakota
London - Arab Today

Photo taken August 21, 2013 shows an oil well near Tioga, North Dakota New York oil rallied to the highest level for more than two years on Wednesday, with concerns about Middle East supplies intensifying as Western powers prepare for possible military action against Syria. New York\'s main contract, West Texas Intermediate for delivery October, soared to $112.24, reaching a level last seen in early May 2011.
Later, it was showing a net gain of 96 cents to $109.97 a barrel as traders banked substantial gains.
Brent North Sea crude oil jumped to $117.34 -- the highest point since late February. Brent went on to trade at $115.31 a barrel, up 95 cents compared with Tuesday\'s close.
\"The potential for military action (against Syria) in a matter of days or weeks has helped to lift oil prices,\" said Michael McCarthy, analyst at CMC Markets.
Crude futures had already leapt to their highest level in 18 months on Tuesday as Western threats against Syria stoked worries over oil supplies from the Middle East region.
\"While Syria is not a big producer of oil, the potential for the conflict to escalate in the Middle East is likely to continue to push prices higher, unless we see attempts from the US to ease concerns about some form of military action,\" said Alpari trading group analyst Craig Erlam.
Analysts say a military strike targeting President Bashar al-Assad\'s regime could further ratchet up tensions in the oil-producing Middle East, which is already wracked by the festering political crisis in Egypt.
\"Chatter in dealing rooms is all about the wider consequences of what a military strike on Syria will mean,\" said dealer Jonathan Sudaria at Capital Spreads.
\"Although consensus appears to be for a precision surgical strike from the West, it is the consequences of the geopolitical shrapnel that will be flung all over the region that has traders heading for their bunkers.\"
The United States and its allies built their case Wednesday for likely military action against the regime in war-torn Syria over alleged chemical weapons attacks, despite stern warnings from Iran and Russia.
Britain will seek backing from the UN Security Council for \"all necessary measures to protect civilians\" in Syria from Assad\'s regime, Prime Minister David Cameron said on Wednesday.
A resolution drafted by Britain \"condemning the chemical weapons attack by Assad\" will be presented to a meeting of the Security Council\'s five permanent members in New York on Wednesday, Cameron said in a Twitter message.
US Vice President Joe Biden had declared on Tuesday that there was \"no doubt\" the Syrian regime was responsible for the use of chemical weapons.
However, Iranian supreme leader Ayatollah Ali Khamenei warned on Wednesday that any military intervention by the United States against Tehran\'s ally will spell \"disaster\" for the region.
Iran has made strong statements in recent days against Western military intervention in Syria, which is not a major oil producing nation.
Source: AFP

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today oil surges to twoyear peaks Arab Today, arab today oil surges to twoyear peaks

 



Arab Today, arab today
Arab Today, arab today Nohan Seyam designs beautiful accessories

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 09:22 2017 Monday ,20 February

China's huge debt poses big headache for central bank

GMT 18:23 2017 Sunday ,19 February

Darwesh vows to provide job opportunities for youth

GMT 12:10 2017 Sunday ,19 February

Welcomes the F&B solution of the future

GMT 10:06 2017 Friday ,17 February

South Korea's Hanjin Shipping declared bankrupt

GMT 09:26 2017 Friday ,17 February

Samsung's history tainted by run-ins with the law

GMT 09:20 2017 Friday ,17 February

Samsung heir arrested in corruption probe

GMT 10:26 2017 Thursday ,16 February

Dollar, equities stutter in Asia after Trump rally
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 16:08 2017 Wednesday ,15 February

Shawsh reveals her collection "Jewelry of dreams"
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday