oil price

Brent oil managed to stay at more than $115 a barrel today, despite slipping slightly, owing to rising concerns regarding oil supplies in light of a possible US military strike against Syria.

After losing eight cents, Brent settled at $115.8 a barrel, while US oil followed suit by losing eight cents to settle at $108.29, reported Reuters.

Amid growing pressure from Russia and other countries that any such development could disrupt the global economy and push up oil prices, the US is all set to vote next week on President Obama’s proposal to launch a missile strike on Syria, in reaction to a suspected chemical weapons attack on civilians.

Prices, which are set for a fourth weekly increase, were supported primarily by supply concerns, as investors fear that such military strike could spread unrest across the Middle East.

Furthermore, investors are awaiting key data on US jobs, which is slated for release on Friday, to get better clues on the Federal Reserve’s plans on withdrawing its stimulus programme, the possibility of which is expected to tighten liquidity in global markets and improve the US dollar.

Image: The US Government will vote next week on President Barack Obama’s proposal to launch a missile strike on Syria. Photo courtesy of Pete Souza.

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