Conflict Between Syria and Turkey Draws Oil Up Again

Reuters reported that oil rose after two sessions of losses as a result of increasing tension at the border between Syria and Turkey. Worries that Syria may attack Turkey have sparked concern about a supply disruption.

As quoted in the market news:

International benchmark Brent gained more than 2 percent to top $114 a barrel for the first time since Sept. 18, when oil prices were coming off a rise to near $120 that had stoked worries high fuel costs could hurt the struggling global economy.

Brent November crude settled up $2.68 at $114.50 a barrel, pushing through the 200-day moving average of $112.18 and the 50-day moving average of $112.68, key technical levels monitored by chart-watching traders.

U.S. November crude gained $3.06 to settle at $92.39 a barrel, moving back above the 100-day moving average of $89.86.