Tuesday, August 27, 2013

Oil higher as military action on Syria looms - The News International

SINGAPORE: Oil rose to fresh multi-month highs in Asian trade on Wednesday as Western powers prepared for possible military action against Syria over the regime's alleged use of chemical weapons.

Analysts say a military strike targeting President Bashar al-Assad's regime could further ratchet up tensions in the oil-producing Middle East, already wracked by the festering political crisis in Egypt.

New York's main contract, West Texas Intermediate (WTI) for delivery in

October, was up $1.26 to $110.27 a barrel in mid-morning trade after reaching its highest level in 18 months in US trade Tuesday.

Brent North Sea crude for October added $1.54 to $115.90, after hitting its highest price in six months the day before.

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