The conflict in Syria, where rebels have been trying to oust the rule of Bashar al-Assad for the past two-plus years, is forecast to continue escalating. But President Vladimir Putin of Russia signed a statement seeking a transitional government in Syria.
"Geopolitical concerns are on the minds of investors and continue to push prices higher," partner John Kilduff with energy-focused hedge fund Again Capital LLC in New York told the publication on Tuesday. "In addition to the tensions in the Middle East there's positive economic news. The economic outlook is improving and that's supportive for oil."
At 10:40 a.m. on Tuesday, West Texas Intermediate crude oil futures rose 0.38 percent, a 37-cent gain to $98.14 per barrel. At 10:39 a.m., Brent crude oil futures climbed 0.41 percent, a 43-cent gain to $105.90 per barrel.
Reuters reports investors were apprehensive due to the ongoing meeting of policy makers with the central bank of the U.S., which is the globe's top consumer of the energy commodity. The meeting is slated to adjourn on Wednesday.
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