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

Reuters  |  SINGAPORE 

By Gloystein

(Reuters) - fell more than 1 percent on Monday as markets opened following western air strikes in over the weekend, while a rise in U.S. drilling for new production also dragged on prices.

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 crude futures were at $71.78 per barrel at 0643 GMT, down 80 cents, or 1.10 percent, from their last close.

U.S. Intermediate (WTI) crude futures were down 68 cents, or 1.01 percent, at $66.71 a barrel.

Traders said markets in began cautiously after the weekend strikes, with some relief that the move looked unlikely to escalate.

"In the wake of the coordinated attack on Syria, prices are significantly lower ... (but) the impact appears to be compact and over," said Sukrit Vijayakar, director of consultancy Trifecta.

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, 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.

(Reporting by Gloystein, additional reporting by Roslan Khasawneh; editing by and Joseph Radford)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, April 16 2018. 12:22 IST