Oil prices rose on Monday amid the fall of Syrian President Bashar al-Assad’s regime, adding to uncertainty in the Middle East region. About this informs Reuters.
Brent oil rose in price by 36 cents (0.51%) and reached $71.48 per barrel as of 07:13 Kyiv time. The price of West Texas Intermediate (WTI) crude oil futures rose by 38 cents (0.57%) to $67.58 per barrel.
On Sunday, Syrian rebels announced on state television that they had toppled Bashar al-Assad’s regime, ending the dynasty’s 50-year rule. The sudden change raised fears of a new wave of instability in a region already wracked by armed conflict.
“The political situation in Syria has increased uncertainty in the Middle East, which supports the oil market”, – said Tomomichi Akuta, senior economist of Mitsubishi UFJ Research and Consulting.
He added that despite this factor, Saudi Arabia’s price cuts and continued OPEC+ production cuts reflect weak demand, especially from China, which could weigh on the market for the remainder of the year.
Saudi Aramco, the world’s top crude exporter, said on Sunday it would cut prices to Asian buyers for January 2025 to the lowest level since early 2021. The reason for this decision was reduced demand from China, the largest oil importer.
