Brent crude reaches $111.68 per barrel
Kuwait - KUNA
Price of Brent crude oil contracts for October delivery in Asian trades rose by USD 1.72 on Monday, to reach USD 111. 68 per barrel, compared to Friday's rate which reached USD 109.97 per barrel. The rise in oil prices in Asian trades in Singapore is reaching its highest level in the past five months. The increasing tension and worsening security conditions in Syria have created a fear of lack of oil in the market, due to the unstable situation in the Middle East. The rise in oil prices is also connected to expectations by investors that the Federal Reserve Council will make a new reduction in incentives, due to the decrease in new house sales in the US last Friday.
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