Forex Marketz Daily Forex News – Fully Markets Update
Crude oil futures were lower this morning during Asian trade hours. Price action was cautious after western air strikes against Syria over the weekend. Also, in the news, U.S. drilling for new production continues to rise.
The United States, France and Britain launched 105 missiles on Saturday against Syria. They targeted three chemical weapons facilities in Syria. This was in retaliation for a poison gas attack in Douma on April 7.
As of 1:30 am GMT, the international benchmark, Brent crude oil futures were at $71.87 per barrel. This was down 71 cents, or one percent from their close on Friday.
U.S. West Texas Intermediate (WTI) crude futures were trading down by 59 cents, or 0.9 percent. They were fetching $66.80 per barrel.
Traders said markets in Asia began cautiously after the weekend strikes, while oil markets also came under pressure from a rise in U.S. oil drilling activity.
Crude Oil traders continue to watch U.S. Drilling Numbers
In the headlines, U.S. energy companies added seven oil rigs. These rigs are drilling for new production. This was for the ending April 13. This brings the total U.S. operating rig count to 815 platforms. This is the highest level since March 2015. This is official data from energy services firm Baker Hughes and was released on Friday.
Brent futures, however, are still up more than 16 percent from its 2018 low set in February. This is thanks to healthy demand. Also because of conflict in the Middle East.
Syria is not a significant oil produce. However, the wider Middle East is the world’s largest and most important oil exporter. Tension in the region tends to put oil markets on edge as there could be market and supply interruptions.
