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MTECHTIPS:-Crude oil rises on Mideast tensions, growth fears limit gains
Crude oil futures were mildly higher during European morning hours on Tuesday, as growing concerns over escalating tensions between Syria and Turkey supported prices, however gains were limited amid ongoing concerns over the health of the global economy.On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD89.96 a barrel during European morning trade, adding 0.7%.Earlier in the day, prices rose by as much as 1% to hit a session high of USD90.33 a barrel.Oil prices found support after Turkish President Abdullah Gul said Monday that the worst case scenario between his country and Syria are now playing out, fuelling concerns that the conflict in Syria may spread to other countries in the region.Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011.Hopes for fresh easing measures from the Chinese central bank also contributed to gains after the People’s Bank of China injected CNY265 billion into the money market, in a bid to ease tight liquidity conditions.The move raised optimism for further supportive policy measures out of China, the world’s second largest oil consumer after the U.S.
Crude oil futures were mildly higher during European morning hours on Tuesday, as growing concerns over escalating tensions between Syria and Turkey supported prices, however gains were limited amid ongoing concerns over the health of the global economy.On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD89.96 a barrel during European morning trade, adding 0.7%.Earlier in the day, prices rose by as much as 1% to hit a session high of USD90.33 a barrel.Oil prices found support after Turkish President Abdullah Gul said Monday that the worst case scenario between his country and Syria are now playing out, fuelling concerns that the conflict in Syria may spread to other countries in the region.Countries in the Middle East and North Africa were responsible for 36% of global oil production and held 52% of proved reserves in 2011.Hopes for fresh easing measures from the Chinese central bank also contributed to gains after the People’s Bank of China injected CNY265 billion into the money market, in a bid to ease tight liquidity conditions.The move raised optimism for further supportive policy measures out of China, the world’s second largest oil consumer after the U.S.
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