Geopolitical risk premium continues to push Oil higher

FXStreet (Mumbai) – Crude prices rose on Friday as fighting in Syria intensified, but remained largely unchanged on the weekly basis.

Brent crude for November delivery advanced 1% to trade around USD 48.20/barrel. WTI crude for November delivery strengthened to 1.62% to trade around USD 45.50/barrel.
The geopolitical risk premium appears to be the major reason behind the rally as bearish factors of excess supply and global growth slowdown are still intact.

Moreover, the data released on Wednesday showed crude production unexpectedly rose last week, despite a drop in active drilling rigs.

Ahead in the day, the US Nonfarm payrolls figure and its impact on the US dollar could influence the oil prices.

Crude prices rose on Friday as fighting in Syria intensified, but remained largely unchanged on the weekly basis.

(Market News Provided by FXstreet)