Due to the uncontrolled tensions in the Middle East, oil prices rallied on Tuesday. In particular, Brent appreciated by 0.61% up to $ 112.43/b. At the same time, WTI oil appreciated by 0,42% up to $89.75/b.
The confrontation between Syria and Turkey is escalating. The scenario seems to become gloomier day by day. The President of Turkey expresses his worries that the neighboring countries (including Turkey) may have to intervene in the civil war in Syria that has been going on for over a year.
At the same time, Chun Yang, Chief Investment Analyst at Phillip Futures Кеpр, confirms that the oil market is extremely worried about the confrontation between Syria and Turkey, not to mention the one between Iran and Israel. These factors may seriously affect the region’s oil supply.
For now, oil prices are being curbed by the weakening of the global economy, which affects oil demand, especially as the IMF has downgraded its forecast for the global economic growth for the 2nd time this year.
