Commodity Tips:- Crude Oil Futures Edge Higher As Tensions Over Syria Rise

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Crude oil futures edged sharply higher on Tuesday with Brent oil futures settling at their highest in more than three years as tensions linked to Syria raised the potential for disruptions to Middle East crude output. The oil prices up-move was also supported by report that Chinese and U.S. officials have softened their rhetoric over their trade spat, easing worries over the potential for a slowdown in demand for oil. 

 

Meanwhile, the EIA’s weekly petroleum supply data are due Wednesday and the street is expecting the agency to report a weekly rise of 100,000 barrels in crude stockpiles, along with declines of 2 million barrels in gasoline and 1.2 million barrels in distillate supplies.

 

Benchmark crude oil futures for May delivery gained $2.09 or 3.3 percent to settle at $65.51 a barrel on the New York Mercantile Exchange. June Brent crude jumped $2.39 or 3.5 percent to settle at $71.04 a barrel on London’s Intercontinental Exchange.

 

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