Oil prices hit over $73 on Trump's Russian Federation warning

May ready to bypass Parliament & approve UK military intervention in Syria – BBC

US crude rose 2.3% to $66.98 a barrel, adding to gains after the 10:30 a.m. ET EIA data.

The prices last Friday suffered their worst weekly decline in two months after they followed plummeting equity markets amid growing fears of a trade war between the US and China, the world's two largest economies. The contract earlier rose to $73.09 - the highest level since November 28, 2014, when it hit $73.41/Bbl.

Crude oil prices began to climb on Trump's warning over Syria, then rallied further on a report that Saudi Arabia's air defence forces intercepted a missile over the capital Riyadh.

US crude futures CLc1 traded at $67.10 a barrel, having risen 8.1 percent so far this week, Reuters reports.

A more direct intervention in Syria would cause geopolitical fractures along multiple lines, given the potential for a response from USA adversaries ranging from Russian Federation to Hezbollah.

Oil markets remained tense Thursday on concerns of a military escalation in Syria, but prices were some way off Wednesday's 2014 highs as bulging American supplies weighed. WTI rose as high as $67.45, a session peak going back to December 4, 2014, when it touched $68.22.

More news: From Short to Long-term Stock Performances of: Schlumberger Limited (SLB)

"Yes, it's the tweets, and all the recent geopolitical worries", Genscape crude oil analyst Mike Walls told CNN. The question, he said, is whether Trump will order the military to exclusively target Syrian assets, or take aim at Iran, which also backs Assad and has a significant presence in Syria.

Analysts say this is a good development for Nigeria, Africa's largest oil producer.

Kilduff said: "That's the crux of the matter".

USA crude oil inventories C-STK-T-EIA rose by 3.3 million barrels to 428.64 million barrels.

The geopolitical tensions overshadowed a report by the Energy Information Agency that commercial crude inventories in the US rose by 3.3 million barrels in the week through April 6, in sharp contrast to a Reuters survey that had anticipated a 189,000 barrel decline. It is very hard to say, but it is important to remember that the Indian central bank recently pushed up the base price of crude oil from $55 to $68 a barrel in its inflation forecast model.

"All eyes are on geopolitical tension at the moment, not just because the market is that much more finely balanced, but because there are several pockets of geopolitical tensions", he said.

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