FXStreet (Mumbai) – Syria-led irks premium pushed up Brent crude prices by more than 2% on Thursday, although supply glut and economic slowdown remain a major source of strength for the bears.
Russian and US launch air attack on Syria
Russia launched air strikes in Syria on Wednesday in its biggest Middle East intervention in decades. The US also launched an air attack, although it was without coordination with the Russians. The resulting geopolitical risk premium pushed up prices.
Brent Crude for November delivery advanced more than 2% to a session high of USD 49.45/barrel, before paring gains to trade around USD 49.40/barrel levels.
However, it remains to be seen how long the risk premium manages to keep prices in the positive territory.
(Market News Provided by FXstreet)