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After eight days of consecutive drop, oil bears are in retreat on Monday as fighting heats up in Middle-East, namely Syria as France joined bombing. A devastating attack in Paris by militants armed with automatic assault rifle and suicide bombers left more than 130 people dead and hundreds injured. Militants entered an ongoing rock concert and opened fire that left 89 people dead. This has been a major attack in European soil since 2004, when bomb killed 191 in a train.
France retaliated and escalated its involvement in Syrian bombings. 12 warplanes targeted Raqqa city, known stronghold of militant group ISIS, which has claimed responsibility for French attacks. With G20 leaders vowing to take tougher measures and US considering troops on the ground, Middle East fighting is only going to intensify.
Naturally unrest in Middle East has halted bears' carnage in oil after eight fays of consecutive drop. However today move is more of a sentimental one, since Syria and the region involved contains very little oil to make an impact.
So oil price could resume decline after small correction, unless greater crisis emerges from here, threatening large amount of supply. As of now, possibility of such looking bleak.
Oil (Brent) is currently trading at $44.8/barrel.
