Brent crude and West Texas Intermediate oil prices continue to rise on uncertainty in Syria

Courtney Goldsmith
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Iraqi Kurdistan Starts Oil Exports
Oil prices are set to book their longest rising streak in months (Source: Getty)

Oil prices are poised to post a positive gain for the sixth day in a row today, propped up by strong demand and uncertainty over the conflict in Syria.

Global benchmark Brent crude was up 0.71 per cent at $55.63 per barrel while West Texas Intermediate was up 0.59 per cent at $52.55 per barrel at the time of publishing.

Investors are watching the events in Syria as a gauge for possible supply disruptions. Crude oil prices surged more than two per cent on the back of a US missile attack on the region. However, there seems to be no immediate impact on supplies.

Crude's upward momentum has been stalled somewhat as US drillers continue to ramp up production while the Organisation of the Petroleum Exporting Countries (Opec) works to cut output by around 1.8m barrels per day to reduce the global oversupply.

Read more: Brent crude oil hits $55 a barrel before slipping on US inventory build

"The US rig count continues to soar and we are close to a two-year high on that. Judging by the relative success of the Opec agreement keeping prices propped up, I don't see a reason for that to decline in the near future," said Matt Stanley, fuel broker at Freight Services International.

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