UPDATE 7-Oil drops as Syria risk seen muted after weekend air strikes
April 16 (Reuters) – Oil prices dropped on Monday as investor concern waned about escalating tensions in the Middle East following air strikes on Syria over the weekend.
The United States, France and Britain launched 105 missiles on Saturday, targeting what they said were three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack on April 7. prices had risen nearly 10 percent in the run-up to the strikes, as investors bulked up on assets, such as gold or U.S. Treasuries, that can shield against geopolitical risks.
“Some of the ease in Syria is the headline that is bringing it down,” said Phil Streible, senior market strategist at RJO Futures in Chicago. 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.
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