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Oil markets tense on western strikes on Syria, rising US drilling

Brent crude oil futures were at $71.87 per barrel at 0124 GMT, down 71 cents, or 1 percent from their last close

Reuters  |  SINGAPORE 

oil rig
oil rig

prices fell on Monday as markets opened the week cautiously following western air strikes in over the weekend, and as American drilling for new production continued to rise.

The United States, and Britain launched 105 missiles on Saturday, targeting what they said were three in in retaliation for a in Douma on April 7.

Brent futures were at $71.87 per barrel at 0124 GMT, down 71 cents, or 1 percent from their last close.

U.S. Intermediate (WTI) crude futures were down 59 cents, or 0.9 percent, at $66.80 a barrel.

Traders said markets in began cautiously after the weekend stikes, while markets also came under pressure from a rise in U.S. drilling activity.

U.S. companies added seven rigs drilling for new production in the week to April 13, bringing the total to 815, the highest since March 2015, services firm said on Friday.

Despite this, Brent is still up more than 16 percent from its 2018 low in February, due to healthy demand and also because of conflict and tension in the

Although itself is not a significant producer itself, the wider is the world's most important crude exporter and tension in the region tends to put markets on edge.

"Investors continued to worry about the impact of a wider conflict in the Middle East," said.

First Published: Mon, April 16 2018. 10:47 IST
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