Oil Retreats From Three-Year High as Syria Tensions Simmer

Oil opens the week lower

Oil opens the week lower

Oil prices fell drastically and the bonds of the government rose in yields on Monday.

USA crude prices closed.

The strikes of Saturday marked the biggest intervention by Western countries against the president Syria, Bashar Al-Assad and his ally Russian Federation, who is to face further economic sanctions over its role in the conflict.

Oil prices fell on Monday as markets opened the week cautiously following western air strikes in Syria over the weekend, and as American drilling for new production continued to rise.

The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack on April 7.

By 0851 GMT on Monday, Brent crude oil futures LCOc1 slipped $1.34 to $71.24 a barrel, while US crude futures CLc1 were down $1.16 at $66.23 a barrel.

USA energy companies added seven rigs in the week to April 13, bringing the total to 815, the highest since March 2015, and almost 20 percent higher than a year ago, services firm Baker Hughes said on Friday.

Investors are worrying about the impact of wider conflict in Middle East. Fund managers are grabbing on more Brent futures and options than any time since 2011, according to data form O-ICE.

Despite this, Brent is still up more than 16% from its 2018 low in February, due to healthy demand and also because of conflict and tension in the Middle East. This total is highest since March 2015 said Baker Hughes on Friday.

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