Oil Prices Steady On Syria Tensions And Tighter Supply

Oil prices remained steady on Thursday morning in Asia amid ongoing tensions over Syria and shrinking global oil supplies.

Crude Oil WTI Futures for May delivery were trading at $66.86 a barrel in Asia at 11:10PM ET (03:10 GMT), down 0.31%. Brent Oil Futures for June delivery, traded in London, were down 0.29% at $71.81 per barrel.

Oil prices soared the day before on the threat of imminent U.S. military action in Syria, reaching their highest levels since late 2014. The gains from Wednesday were held stead on Thursday, hovering near three-year highs.

Tensions escalated earlier this week after Saudi Arabia said its air defense forces intercepted three ballistic missiles fired at Riyadh and other cities, and after U.S. President Donald Trump declared military action against Syria, taunting Russia for supporting Syrian President Bashar al-Assad after a suspected chemical attack on rebels. The concerns of direct conflict over Syria has also escalated a rivalry between Saudi Arabia and Iran.

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