MTECHTIPS;-Oil Prices Slump As Shale Worries Linger And Syria

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MTECHTIPS;-Oil Prices Slump As Shale Worries Linger And Syria Fears Subside

MTECHTIPS- Oil prices pulled back to start the week on Monday, as investors expected there would be no immediate military escalation in Syria following the weekend’s American-led strike. The U.S., U.K. and France launched more than 100 missiles targeting Syrian government sites on Saturday in response to a suspected poison gas attack on April 7. Suggesting that the military action would not be prolonged, President Donald Trump hailed the attack as “perfectly executed,” while adding that the military campaign to degrade the Assad regime’s chemical weapons capability had accomplished its goals. New York-traded West Texas Intermediate crude futures lost 73, or roughly 1.1%, to $66.66 a barrel by 8:45 AM ET (1245 GMT). The U.S. benchmark touched its highest level since Dec. 2014 in the last session at $67.76. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., declined 72 cents, or about 1%, to $71.86 a barrel. Both benchmarks last week saw their strongest weekly percentage performance since late July of last year, with WTI gaining about 8.6%, while Brent saw a weekly increase of 8.2%. Meanwhile, a rise in U.S. drilling for new production also dragged on prices. U.S. drillers added seven oil rigs in the week to April 13, bringing the total count to 815, General Electric (NYSE:GE)’s Baker Hughes energy services firm said in its closely followed report on Friday

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