Global oil prices have risen to the level of $97 a barrel on Friday as the market waits for the crucial US data and amid concerns about the fallout of the conflict in Syria.
The benchmark oil for July delivery was trading 36 cents higher at $97.05 a barrel on the New York Mercantile Exchange. The price rose 81 cents to close at $96.69 a barrel on Thursday. The U. S. Federal Reserve will release industrial production data for May this would impact the price of oil in the markets. The US economy is gradually recovering but the federal cuts are having an impact on the economy.
There are concerns about the impact of the Syrian civil war after the US administration indicated that they might provide weapons to rebels fighting the forces of Syrian President Bashar Assad after finding evidence that the regime is using chemical weapons against the people. The region is main source of oil to the world and key transit lines pass through the Middle-East. This has impact the sentiments in the oil prices in the global markets.
Meanwhile, Brent crude was trading 57 cents to $105.52 a barrel on the ICE Futures exchange in London.