Oil prices declined 1% today following weekend’s air attacks in Syria, with increased U.S. drilling for more oil pulling back prices as well.
Three countries – the U.S., Britain and France on Saturday fired 105 missiles with the purpose of destroying what is said to be chemical weapons facilities as a reaction to alleged gas weapon usage in Douma at the beginning of this month.
Brent futures fell to $71.85 for a barrel, 73 cents lower compared to the last settlement.
U.S. WTI futures slipped to $66.82 for a barrel, 57 cents less. Asia started the day watchfully after the air attacks of the past weekend, relieved though to a degree by the low probability of further actions, according to traders.
After the attack by three countries against Syria, oil dropped considerably though it seems that the influence is finished, Sukrit Vijayakar of Trifecta said.
The United States increased the number of oil rigs by seven during the week to April 13, with the overall count attaining 815, unseen since March 2015, Baker Hughes company’s Friday data says.
But still Brent is around 16% above the February lows, driven up by strong demand, as well as by the Middle East tensions.