Brent crude gained 89 cents

Oil prices rose today as supply concerns related to the escalating tensions between Syria and Turkey continue and threaten to spread to other countries in the region.

Tensions continue to rise as two Turkish civilians were killed last week in a cross-border firing, which led to the country increasing its military presence along the border.

Brent crude gained 89 cents, to $112.71 a barrel, while US crude increased 85 cents to $90.18, reports Reuters.

Meanwhile The International Monetary Fund cut its global growth forecast for the second time, which now expects global output to grow by just 3.3%, down from its July estimate of 3.5%.

US and European policymakers were warned by the agency that failure to fix their economic ills would extend the slump further.

Investors are awaiting the outcome of the European Union’s Economic and Financial Affairs council in Luxembourg.

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Image: Brent crude gained 89 cents, at $112.71 a barrel. Photo courtesy of Lars Christopher Nottaasen.