Oil prices drop following US-led strikes on Syria

Markets 4/16/2018, 8:55 AM
Oil prices drop following US-led strikes on Syria

Crude prices declined 1% on Monday after the United States, the United Kingdom and France carried out missile attacks against Syria on Saturday. The three countries fired over 100 missiles targeting alleged chemical weapons facilities in the Middle Eastern country in response to the suspected gas attack in Syria's Douma a week earlier. However, the US, the UK and France noted they are not planning further attacks at the moment, but are ready to strike again if the Syrian government uses chemical weapons in the future.

The fall in oil prices was also fueled by a reported rise in the number of US oil rigs as Baker Hughes stated the figure increased by 7 in the week ending April 13.

Brent for June delivery dropped 1.10% to go for $71.78 per barrel and West Texas Intermediate (WTI) for deliveries in May slid 0.98% to sell for $66.73 per barrel at 8:42 am CET.

Breaking the News / NP

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