Oil prices lift slightly after Assad’s ouster in Syria
Investors took geopolitical tumult in their stride on Monday, leaving oil and gold modestly higher while the U.S. dollar edged up ahead of inflation data this week that could cement a December rate cut by the U.S. Federal Reserve.
Adding another upbeat note was China’s decision on Monday to alter the wording of its stance toward monetary policy for the first time since 2010, as it pledged to introduce stimulus to encourage economic growth next year.
The rapid collapse over the weekend of Syrian President Bashar al-Assad’s 24-year rule complicates an already fraught situation in the Middle East.
Yet the oil price, a key barometer of investor sentiment toward the region, displayed little volatility, even as traders look out for more upheaval in the aftermath of Assad’s ouster.
A barrel of benchmark U.S. crude had rallied 2.16 per cent to $68.65 US around 11:15 a.m. ET on Monday morning, according to Bloomberg Analytics, following the overthrow of Assad, who sought asylum in Moscow after rebels claimed the Syrian capital, Damascus.
Brent crude, the international standard, climbed 1.81 per cent to $72.41 US. The price of gold also rose 1.18 per cent amid the uncertainty created by the end of the Assad family’s decades of iron rule.
