Geopolitical tensions between Syria and Turkey helped drive up Brent crude oil futures on Thursday as Turkey's leaders sought regional permission to launch military forays into Syria, according to published reports.
Lawmakers attended an emergency debate in Ankara to discuss allowing Turkey's military forces to cross into Syria, according to Bloomberg. Reuters reports a mortar bomb discharged by Syria killed five civilians as the Syrian administration also is seeking to blunt 18 months of civil uprising that threatens the rule of President Bashar al-Assad.
"It (the market) was oversold and then ratcheted up by tensions between Turkey and Syria," broker Christopher Bellew with Jefferies Bache told Reuters. "It was quite a steep fall, so it could go back up to levels we saw two days ago."
At 9:54 a.m. on Thursday, Brent crude oil futures increased 1.14 percent, a $1.23 lift to $109.40 per barrel.
Generation of U.S. crude oil increased by 11,000 barrels per day to 6.52 million last week, according to the U.S. Energy Department as cited by Bloomberg. That increase marks the sharpest climb since late 1996.
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