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Oil Prices Drop as Fears About Syria Strikes Fallout Wane

“Brent crude oil futures LCOc1 were down 74 cents at $71.84 a barrel by 11 a.m” writes Jessica Resnick-ault for reuters.com. Because the attacks were more surgical than anticipated in more extreme scenarios, the market has shrugged off bullish factors, he said. “It has got everything to possibly boost it: weak dollar, Syria, potential sanctions, White House uncertainty, China trade,” he said. Even the imposition of unilateral sanctions by the U.S. government could hamper exports of oil from Iran, one of the world’s largest producers. “Oil is still holding relatively well and the mid-May Iranian deadline is going to be a bit of a subject for the next four weeks,” Petromatrix strategist Olivier Jakob said.
 
Source: reuters.com



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