LONDON: World oil prices rose yesterday, despite news of falling US crude reserves, as the market focus remained on Syria, dealers said.
Brent North Sea crude for delivery in October rose 44 cents to stand at $111.69 a barrel in London late afternoon deals.
New York’s main contract, West Texas Intermediate for October, added 38 cents to $107.77 per barrel.
“Oil prices are trading higher at the moment but by no means at a worrying level,” said ETX Capital analyst Ishaq Siddiqi. “For the market, the big concern over a Syria strike is of course the implications on the Mideast region and the impact on the global economy.
Dealers also digested a smaller-than-expected drop in American crude reserves yesterday.