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Syrian war: Crude oil to surpass 3-year high

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The war in Syria is a major determining factor for possible surge in prices of crude oil above the three-year new high, which the commodity hit last week. Geopolitics gripped crude markets from New York to London, new oil price forecast showed at the weekend, pushed prices to levels last seen in 2014. Saudi Arabia, the world’s biggest oil exporter, intercepted a missile attack over the kingdom’s capital just hours after United States President Donald Trump warned American missiles soon may strike Syria.

A US government report on expanding domestic oil inventories barely fazed traders caught up in the rush of world events. West Texas Intermediate for May delivery surged $1.31 to settle at $66.82 a barrel on the New York Mercantile Exchange. Total volume traded on Wednesday was about 74 percent above the 100-day average. Brent for June settlement climbed $1.02 to end the session at $72.06 on the London-based ICE Futures Europe exchange. The global benchmark crude traded at a $5.32 premium to June WTI.

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