Oil futures retain strength amid bullish economic data, Mideast unrest.

摘要

In the week to Sept. 6, prices for both US WTI and UK Brent hovered near the previous week's highs as positive economic data from Europe, the US and China balanced against easing concerns over the scope of military action in Syria. Over the weekend to Sept. 1, US President Barack Obama announced the he would seek congressional approval for strikes against Syria, likely delaying any military action until congress returns from its summer recess on Sept. 9. Oil subsequently fell by over $2/bbl early on Monday Sept. 2, but recovered on a variety of factors. Lower than expected North Sea Forties production delayed four cargoes from Sept. to Oct., supporting prices, and a report from French military and intelligence services bolstered expectations that a strike on Syria would be unavoidable, if not imminent. Hopeful economic data priced additional support, as reports indicated an uptick in Chinese factory activity, while European manufacturing reported backlogs of work for the first time since mid-2011.