Oil prices traded near a one-month high at the end of last week following the United States missile strike against a Syrian government airbase. The strikes represented the first targeted US military action against President Bashar al-Ashad. US West Texas Intermediate (WTI) crude rallied to an intra-day high of $52.94 before pulling back roughly 90 cents.
Oil prices initially rallied in NY after OPEC support for continuing their supply cut agreement into second half of year is reportedly increasing. They also noted that they would require non-OPEC participation to extend agreement. The markets ignored the prospect of a possible extension of supply cuts as concerns remain strong on growing US oil output and high inventories.