WTI oil cost on US exchanges increased by three percent and amounted to 112.24 dollars. This is the highest price of “black gold” since the spring of 2011, recalls the Bloomberg news agency. The main reason for the rise in price is the threat of an air bombardment of Syria by American, English and French Air Force.
For two days, the cost of WTI added six and a half dollars. According to analysts of Societe Generale, a jump in Brent oil prices can become even more significant if the fighting in Syria leads to problems with the supply of raw materials. In this case, the barrel can rise in price to one hundred and fifty dollars.
Against the backdrop of the possibility of an armed conflict, the cost of “black gold” and the shares of the United States move in opposite directions, which under normal conditions is extremely rare. For example, last Tuesday Index S&P 500 decreased by 1.6 percent.
In addition to the threat of war in Syria, a market reaction to a decrease in oil volumes in Libya by two hundred thousand barrels per day was also recorded. The situation is due to the massive strikes of workers who require a revision of working conditions and raising salaries. In addition, corruption fraud in the industry was identified in deposits controlled by foreign companies – ENI and Repsol.
Last week, automotive fuel reserves in the United States of America decreased by 1 million 130 thousand barrels, while oil reserves of oil increased by 2 million 470 thousand barrels. Experts believe that in the coming weeks this dynamics will not undergo significant changes.
Previously, the United States, England and France announced the readiness of applying air strikes in Syria as a reaction to the use of chemical weapons by the authorities of this state.