Oil Up 2 Percent on Syria, Turkey Conflict

Reuters reported that oil prices increased by 2 percent as a result of Turkey using artillery to retaliate when Syria’s internal conflict spilled across its borders. The attacks led to concern about oil supply disruptions in the Middle East, but Syria has indicated that it will stay out of Turkey moving forward.

As quoted in the market news:

“The hostilities between Syria and Turkey reinforce supply fears, as a number of pipelines cross the region,” said Carsten Fritsch, an oil analyst at Commerzbank in Frankfurt.

Brent November crude rose $2.25 to $110.42 a barrel by 12:39 p.m. EDT (1639 GMT), having reached $110.72.

U.S. November crude was up $2.15 at $90.29 a barrel, back above the 100-day moving average of $89.94, a technical level closely watched by chart-watching traders.

Click here to read the full Reuters report.