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Here's Why Oil Prices Dipped to almost $50 Today
WTI, Brent crude oil futures settle lower
April 30 2017, 06:44 | Alonzo Simpson
Oil hits one-month high near $55 on tighter supplies
Oil prices hit a one-month high on April 7 after the US fired missiles at a Syrian government airbase, sending shockwaves through global markets and raising concerns that the conflict could spread in the oil-rich region.
Oil jumped as the US cruise missile attack against Syria roiled global financial markets. The dollar was down to 110.50 against the yen, from 110.95 before news of the strike, but up from a 110.14 trough.
"Price upside will.be capped by the recovering USA shale sector", BMI Research said in a note.
"It's a little less than expected". "The economy seems to be doing better, so domestic demand is higher".
"I think we're still in pretty good shape, " he said.
A missile attack by the United States on a Syrian airbase, following an alleged chemical attack on Tuesday, pushed crude prices higher. As of Friday morning, the average per-gallon price for gasoline was $2.39, or an increase of about one penny from Thursday, according to gas tracking site GasBuddy.
On the ICE Futures Exchange in London, the June Brent contract gained 0.64% to trade at $55.24 a barrel, also the highest level since March 7.
Ships hauling U.S. crude to Asia included the supertanker Alex, which headed for Ningbo in eastern China after loading 2 million barrels of West Texas Intermediate crude in the Gulf of Mexico in late February, a person familiar with the matter said last month.
President Donald Trump claimed a suspected chemical weapons attack on a rebel-held Syrian town earlier this week was launched from the airbase that was struck.
Investors had already been on edge as Mr Trump met Chinese leader Xi Jinping in Florida for talks over flash points such as North Korea and China's huge trade surplus with the US.
Investment flows underscored the broadly "risk-off" tone in markets in recent sessions. Neighboring Iraq pumped 4.43 MMbpd last month, according to data compiled by Bloomberg. This is the average price at which Indian refiners import crude oil.
The yield on Germany's 10-year government bonds fell to a one-month low. Yet that is unlikely to fundamentally alter key supply relationships - European countries, which buy oil and gas from Russian Federation and Iran were not part of the US action so remain at arms length from possible recriminations.
"Especially now you also have talks between the USA and China on North Korea", he added.