Oil surpasses US$110 on assurance by Russian President of continued aid to Syria even if it comes under attack

10-Sep-13

Benchmark oil on the Nymex for October delivery spiked by close to two dollars to US$110.2. Brent crude rose to US$116.1 per barrel on the ICE Futures exchange in London. Oil prices spiked as Russian President said his country will continue helping Syria even if it comes under attack. Prices were also boosted by numbers from USA, as the latest jobs data fueled expectations that the Federal Reserve will keep its economic stimulus measures in place longer than expected. US Labor Department reported that employers added 169,000 jobs in August, and unemployment rate fell to 7.3%, the lowest in nearly five years. Ten members of the Group of 20 joined USA, in a joint statement, accused the Syrian government of carrying out a chemical weapons attack on civilians last month and called for a strong international response against the government of Syrian President Bashar Assad. The statement stopped short of explicitly calling for military action against Syria.