Oil up in Asian trade on Syria concerns
Singapore: Oil rose in Asian trade on Tuesday on concerns over possible US military action against Syria after Washington warned President Bashar al-Assad's regime it would face action over an alleged chemical weapons attack.
New York's main contract, West Texas Intermediate (WTI) for delivery in October, was up 57 cents to USD 106.49 in mid-morning trade, and Brent North Sea crude for October added 45 cents to USD 111.18.
Kelly Teoh, market strategist at IG Markets Singapore, said investors were anticipating possible moves against Syria for its alleged use of chemical weapons, which Damascus has denied.
"Over the last couple of days we have seen footage (of the alleged chemical attack) and it's really heinous," she told AFP. "It depends on whether the world will get together and stop this. Investors are digesting that."
The United States yesterday issued a stark warning to Syria.
"If the likelihood of a US military response increases, this would raise tensions in the Middle East and adversely affect the stability of the world's key oil-producing region, thus driving up prices," Phillip Futures said in a note.