Preoccupations about inventories of crude oil in the Middle East helped drive prices of the energy commodity higher on Monday as sanctions applied to Syria sent shivers through the market, Bloomberg reports.
Crude oil futures touched their highest price in one week in the U.S., the globe's top consumer of the energy commodity, as prospects brightened for an economic recovery in the nation that also hosts the globe's largest economic system.
"We're likely to see Brent back up to $115 by year-end," senior broker Christopher Bellew with Bache Jefferies in London told Bloomberg. "Prices will be supported by colder weather, declining inventories and a positive start to the U.S. shopping season. But Chinese demand remains enigmatic, and the stronger dollar will be a negative influence."
At 9:23 on Monday, crude oil futures increased 2.53 percent, a $2.69 rise to $109.09 per barrel.
The Associated Press reports the healthy start to the holiday shopping season in the U.S. drove oil futures higher on Monday as well, also citing aspirations for progress in the euro zone with the debt scourge and ongoing civil uprising in Syria.
The Arab League applied sanctions after the Eastern Mediterranean nation did not stop a crackdown on protestors.
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