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Crude rallies after Israel hits Syrian targets

Seoul, May 6, 2013

Crude futures rallied in Asia early on Monday due to geopolitical tensions in the oil-producing Middle East after Israel carried out a second air strike in Syria.

The rally extended gains from better-than-expected job growth in the United States that raised the prospect of stronger demand in the world's top oil consumer.

US crude rose $1.27 a barrel to a one-month high of $96.88 on Monday, down slightly from a high of $96.97. On Friday, it settled up $1.62, or 1.7 per cent, at $95.61, its highest close since April 3.

Brent crude also rose $1.14 to $105.33 a barrel after it previously settled at $104.19 a barrel.

United Nations Secretary-General Ban Ki-moon warned against escalating a fraught situation in Syria after Israel struck targets near Damascus on Sunday, targeting what its officials said were Iranian missiles bound for Hezbollah militants.

Iran called on the region to unite against Israel and said it was ready to train the Damascus government's army.

US payrolls rose more than expected in April, pushing the unemployment rate to a four-year low of 7.5 per cent, easing concerns about a sharp slowdown in the economy.

The US dollar surged against the yen and global equity markets rallied on Friday after the US government reported surprisingly strong jobs growth for April that drove optimism on the economy, driving Wall Street stocks to record highs. - Reuters




Tags: Crude | South Korea | Seoul |

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