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Oil pushes over $115 on Syria tension

Simon Falush and Alice Baghdjian
Reuters [1]
October 11, 2012

Brent crude oil reached its highest in a month on Thursday, lifted by escalating tension between Syria andĀ Turkey [2], maintenance in the North Sea and a supply crunch in oil products.

NovemberĀ Brent crude [3] rose $1.00 to $115.33 a barrel by 1346 GMT, after matching Wednesday’s high of $115.59. U.S. crude climbed 93 cents to $92.18.

Turkey scrambled fighters and briefly detained a Syrian passenger plane on Wednesday, suspecting it of carrying military equipment from Moscow, while Turkey’s military chief warned of a more forceful response if shelling continued to spill over the border.

“The Syrian situation is heating up and there are fears about Turkey, a NATO member, retaliating and contagion in the region,” said Bjarne Schieldrop, analyst at SEB in Oslo.

Worries about supply disruption caused by fears of violence in the Middle East and maintenance at the North Sea Forties oil field have pushed Brent’s premium to U.S. crude to its highest in a year at around $23.50 .

Full story here. [1]