Oil prices gain amid Syrian conflict

U.S. oil prices rose to a nine- month high, as the Syrian conflict bolstered concern of supplies from the Middle East. Traders worried that the level of confrontation and violence in Syria would increase. Middle East is a critical source of crude oil, conflicts which threat crude production in this area always drive oil price higher. Investors' eyes are all on the Fed's policy-setting meeting scheduled for Tuesday and Wednesday to try to get any hints on the Fed's tapering plan of its quantitative easing. It is widely expected that Fed will announce nothing new Wednesday and to avoid talks of reductions to the stimulus program. On the economic front, U.S. consumer prices rebounded mildly in May, rising 0.1 percent on a seasonally adjusted basis after a 0.4- percent decline in April, the U.S. Labor Department reported Tuesday. Meanwhile, U.S. privately-owned housing starts in May jumped 6. 8 percent to a seasonally adjusted annual rate of 914,000, falling short of market consensus. Building permits, a sign of future demand, fell 3.1 percent in May to a seasonally adjusted annual rate of 974,000. Light, sweet crude for July delivery rose 67 cents, or 0.68 percent to settle at 98.44 dollars a barrel on the New York Mercantile Exchange. Brent for August delivery climbed 55 cents, or 0.52 percent, to close at 10602 dollars a barrel.