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NEW YORK -- Oil prices rose Monday following Friday's rally, amid growing uncertainties in Mideast after Israel's attack on Syria.
With a lack of economic data or major corporate earnings of U.S. due on Monday, the market is eyeing the progress in Mideast.
Syria's state news agency said Israeli aircraft attacked a military research center in Damascus Sunday, following an earlier airstrike last Friday.
Traders worried that the Israeli attacks on Syrian targets could turn Syrian civil war into a regional conflict. The Middle East accounted for around 30 percent of global crude output in 2011, according to BP's Statistical Review of World Energy.
Overseas, the final Markit Eurozone PMI Composite Output Index edged up to 46.9 in April from a four-month low of 46.5 in March, global financial information services company Markit said Monday.
The recent rebound of crude is a result of more confidence in the global economy as the European Central Bank and the U.S. Federal Reserve decided to stimulate growth. The European Central Bank cut its benchmark refinancing rate by 25 basis points to a record low of 0.5 percent. Meanwhile, the U.S. Federal Reserve kept its stimulus policy in place after its policy meeting last Wednesday.
U.S. unemployment rate declined to 7.5 percent in April from 7. 6 percent in March, its lowest level since December 2008, providing further evidence that the U.S. economy is continuing to recover.
Light, sweet crude for June delivery rose 55 cents, or 0.57 percent to settle at 96.16 dollars a barrel on the New York Mercantile Exchange.
Brent for June delivery increased 1.27 dollars, or 1.22 percent to close at 105.46 dollars a barrel. |