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UPDATE: Sector Update - Oil Prices Lifted by Syria Uncertainty, Upbeat U.S. Crude Inventory Data
By: MT Newswires
Oil futures were trading a little over 1% higher in New York - lifting North American energy stocks Suncor (SU.TO), Imperial Oil (IMO.TO), and Canadian Natural (CNQ.TO) - on news of lower U.S. inventories and on continuing geopolitical uncertainty around Syria and the Middle East.
Prices rose after U.S. President Obama won the support of some of the key figures in the U.S. Congress for his plans on launching military action against Bashar al-Assad's Syrian government - amid some speculation that such a move will hurt oil supply in the region.
The data from the Energy Information Administration in the U.S. that showed lower than expected stockpiles also helped boost oil prices. Also, U.S. crude production rose 0.2% to 7.62 million barrels a day, maintaining strong output.
Energy stocks were 0.85% higher in TSX. In particular, shares of both Suncor and Imperial Oil went up 1%. Canadian Natural stocks were 0.34% higher.