As U.S. military personnel prepare for possible action against Syria, Brent oil prices are hovering near an 18-month high.
On Thursday, Brent oil prices retreated slightly, but remained elevated, after starting the day above $116 a barrel. Prices for West Texas Intermediate (WTI) also retreated by a little more than 1%, closing the day at $108.80.
Brent prices have climbed steadily following escalations across Egypt and the ousting of President Mohamed Morsi.
Meanwhile, in the United States, improved infrastructure and greater network access have fueled WTI prices to near par with Brent this month.
But Brent prices have spiked this week following news that the West may intervene in Syria, where a chemical attack was allegedly launched against civilians.
Despite warnings from Russia and China, it remains unclear whether the United States will intervene. However, any action is likely to set off a chain reaction across the Middle East and could affect trade within the region, especially on oil shipments.
Here are the details on how Syria affects oil prices, what that means for you - and how to profit.
Investment News Briefs
With our investment news briefs, Money Morning provides investors with a quick overview of the most important investing news stories from all around the world. Australia Raises Rates; Societe Generale Raising $7.1 Billion; GrainCorp. Buying United Malt Holdings; Caterpillar Raising Prices 2% in Jan.; Samsung 3Q Profit Doubles; Merrill Bull Logo Returning; Euro Leaders Want [...]
Takeover Bid For Societe Generale Unlikely
By Jason Simpkins Associate Editor A highly publicized rogue trader scandal has again made Societe Generale (SCGLY) the target of speculation about a possible takeover bid. But that speculation may be premature considering all of the prospective hurdles involved. The collapse of mortgage-backed assets, a depleted U.S. market, and a rogue trader scandal that cost [...]
Rogue Trader Costs Societe Generale $7.2 Billion
By Jason Simpkins Associate Editor Societe Generale SA (OTC: SCGLY), France's second largest bank by market value, said yesterday (Thursday) that it incurred a $7.2 billion trade loss from an "exceptional fraud" perpetrated by a rogue trader. It was the biggest trading loss ever incurred by a bank, Bloomberg News reported. The trader, Jerome Kerviel, [...]