There’s nothing like the fall of a dictator of a Middle East oil country to make crude oil prices increase. They rose more than 1% at the start of this week’s trading.
Such was the case Monday, a day after Syrian President Bashar al-Assad fled the country to the safe confines of Russia while rebels took control of Syria, a country that is not considered a major oil producer but one that could affect neighboring countries.
At the same time, prices were affected by China’s decision to move toward a loosened monetary policy stance, according to Reuters.
One geopolitical analyst suggested the undecided future of Syria will likely affect crude oil prices in the coming weeks and months.
West Texas Intermediate crude, the benchmark in the states, gained $1.17 or 1.7% to close at $68.37 a barrel on the New York Mercantile Exchange.
Brent crude, considered the global standard, finished up $1.02 or 1.4% at $72.14 per barrel.
Oklahoma energy stocks were split in Monday’s trading.
Canoo was the biggest loser of the day with a nearly 22% plunge in the value of its shares. Vital Energy scored a more than 5% gain for the day.
25.89 USD−0.58
0.24 USD−0.067
24.86 USD−0.070
35.51 USD+0.53
6.88 USD−0.070
97.13 USD+0.56
174.18 USD−1.56
34.06 USD+0.82
8.89 USD+0.27
14.73 USD+0.17
3.13 USD−0.050
12.62 USD−0.26
4.55 USD+0.010
41.80 USD−0.50
72.35 USD−0.27
105.12 USD−3.88
41.35 USD+0.15
PHX Minerals Inc
3.88 USD+0.070
11.25 USD+0.24
32.24 USD+0.83
30.90 USD+1.57
54.67 USD−2.18