Oil Prices Climb Back Above $48 On Conflict In Syria

[Purveyor]

Source: MarketWatch

Published: Oct 8, 2015 11:16 a.m. ET

Oil futures rose on Thursday as Russia continued its military operations in Syria, raising concerns over the potential for a wider conflict that could disrupt the flow of oil in the region.

On the New York Mercantile Exchange, November West Texas Intermediate crude CLX5, +3.72% climbed by 79 cents, or 1.7%, to $48.60 a barrel. Brent crude LCOX5, +3.55% the global oil benchmark, rose 91 cents, or 1.8%, to $52.24 a barrel on London’s ICE Futures exchange.
TimeCrude Oil - Electronic (NYMEX) Nov 201510 Sep16 Sep22 Sep28 Sep4 Oct8 Oct
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Russia escalated its assault on opponents of Bashar al-Assad’s regime with its first naval bombardment on Wednesday, a week after Moscow began its campaign in the war-torn country. The intervention added to the uncertainty in the Middle East, one of world’s biggest oil-producing regions.

“Very cautious statements by the NATO chief also has the market concerned that Russia will not be restrained in their activities, leaving a stronger likelihood that this military campaign could spread regionally,” said Tim Evans, chief market strategist at Long Leaf Trading Group.

Read more: http://www.marketwatch.com/story/oil-prices-rise-but-market-concerned-over-us-stockpiles-2015-10-08

[DonCoquixote]

1. and this

is an incentive for countries to go to war. You realize the person we are helping by supporting the syrian rebels IS Putin.

[OnlinePoker]

2. Syria produces 33,000 barrels a day.

This is less than 4/10000ths of the daily production of oil. Price manipulation based on fear, not reality.

[Andy823]

3. Simply an excuse

For speculators to jack up prices so they can rake in some profits. It will not last. They do this every time oil drops, they buy cheap, then manipulate the price upwards till it gets to a point they can make a good profit, then they sell, and watch the price drop. They do it over and over again simply because they can, and they can get away with it.

One thing lacking from our candidates so far is a discussion on stopping the speculators form manipulating commodity prices.