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Oil rose in Asian trade today on concerns over possible US military action against Syria after Washington warned President Bashar al-Assad’s regime that it would face action over an alleged chemical weapons attack.
New York’s main contract, West Texas Intermediate (WTI) for delivery in October, was up 57 cents at $106.49 in mid-morning trade and Brent North Sea crude for October added 45 cents to $111.18.
Kelly Teoh, market strategist at IG Markets Singapore, said that investors were anticipating possible moves against Syria for its alleged use of chemical weapons, which Damascus has denied.
“Over the last couple of days we have seen footage (of the alleged chemical attack) and it’s really heinous,” she said. “It depends on whether the world will get together and stop this. Investors are digesting that.”
The United States had yesterday issued a stark warning to Syria.
“If the likelihood of a US military response increases, this would raise tensions in the Middle East and adversely affect the stability of the world’s key oil-producing region, thus driving up prices,” Phillip Futures said in a note.
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