Brent Oil Price Hits Highest Level Since 2014

Source: www.gulfoilandgas.com 4/10/2018, Location: Europe

The price of a Brent barrel surpassed the $70 mark in morning trading on Tuesday, after a rather rocky start to the week.

Both the WTI and the Brent benchmarks were trading up on Tuesday by almost 3%, with Brent reaching the psychologically important $70 threshold shortly after 9:00am EST. This was a dramatic one-day increase over Monday morning’s level of about $67.00 per barrel. The WTI barrel followed a similar upward trajectory.

With tensions rising over Syria, the Middle East has become yet again the center of attention for investors who have taken a strong buying position in the global oil market.

In addition, possible military action by the U.S. and Saudi Arabia in Syria creates a high risk for safe production and exports of crude oil from the region and the kingdom, which could keep upward pressure on crude prices, experts warned.

Meanwhile, the possibility of a trade war between the U.S. and China fell after Chinese President Xi Jinping's conciliatory announcement, softening worries that the oil demand of both countries could get hurt in a potential trade war.


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