Oil prices climbed more than 1% on Monday on higher geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.
Brent crude futures settled $1.02, or 1.4%, higher at $72.14 per barrel. U.S. West Texas Intermediate crude futures were up $1.17, or 1.7%, to $68.37.
“Events in Syria over the weekend could impact the crude market and increase the geopolitical risk premium on oil prices in the weeks and months to come amid yet more instability in the Middle East region,” said Jorge Leon, Rystad Energy’s head of geopolitical analysis.
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