Oil Prices Climbs Amid Escalated Syrian Turmoil

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Crude Prices were seen trading higher on Friday as the ongoing conflict in Syria raise concerns over the supply distribution in the region. 

Prices for the North American West Texas Intermediate (WTI) crude traded 1.12% higher to $45.24 per barrel on the New York Mercantile Exchange at the time of writing. The European benchmark Brent crude gained 0.65% to $48.00 a barrel on the London-based ICE Futures Europe exchange.

Crude prices were boosted by the growing conflicts in Syria as both Russia and US carry out air strikes in the country, while troops from Iran entered the country to support the government.

The US dollar is expected to weigh on crude prices as the US Labour Department is expected to release the non-farm payrolls report for September.

Both crude benchmarks are expected to end this week in losses amid the ongoing supply glut and concerns over China’s slow demand.

A report from the Energy Information Administration showed that Crude stockpiles in the US climbed by 3.96 million barrels last week, while refinery utilization declined to the lowest since March. The report also revealed that the US oil output fell below 9.1 million per day.