Oil prices rebound as Turkey and Syria clash

October 05, 2012 | 08:47

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Oil prices rose Thursday after four days of losses, aided by worries over clashes on the Syria-Turkey border and a weaker dollar on the eve of keenly-awaited US jobs data, analysts said.

New York's main contract, WTI light sweet crude oil for November, advanced $3.57 to $91.71 a barrel.

Brent North Sea crude for delivery in November rallied $4.41 to stand at $112.58 a barrel in late London trade.

"The bounce was in part technically driven, while raised supply-side concerns stemming from the escalation of conflicts between Turkey and Syria also lent support," said Fawad Razaqzada, analyst at trading group GFT Markets.

"But I think the bounce will be short-lived as traders are likely to wait until Friday is over before taking on any bold positions... Tomorrow's nonfarm payroll number is eagerly anticipated and could provide near-term direction."

On Friday, the US Labor Department releases figures for September job creation and unemployment, with analysts expecting little change from August's unimpressive numbers.

Saudi Oil Minister Ali Naimi reiterated the commitment of the world's leading crude exporter to keep prices from rising.

"Despite the mixed global economic backdrop, oil prices have remained high," he said.

"There is no shortage of oil, inventories remain adequate and any additional demand can -- and will -- be met."

AFP

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