GU: Brent oil futures rebounded above $105 a barrel
By Jessica
DonatiLondon: Brent oil futures rebounded above $105 (Dh386) a barrel on concern over the war in Syria and continuing weakness for the dollar.
Though Syria is not key to global oil supply, investors are worried that escalation in the civil war could drag in other countries and plunge the whole oil-producing region into conflict.
“Crude oil has been trading in a range for more than a month ... With the escalation in Syria, the buying on the dips is probably going to be stronger as the geopolitical premium needs to be increased,” Petromatrix analyst Olivier Jakob said.
Brent crude was up 32 cents at $105.27 a barrel at 10am GMT on Friday, on track to end the week marginally higher.
