Mission Accomplished! Oil hits 6 month high on war fears!

[n2doc]

Tue Aug 27, 2013 12:37pm EDT
* West readying attack on Syria -sources

* Libya's oil production down by nearly 60 percent


By Anna Louie Sussman

NEW YORK, Aug 27 (Reuters) - Brent crude surged to a six-month high over $114 a barrel on Tuesday as Western powers considered a military strike against Syria following last week's suspected chemical weapons attack.

Both Brent and U.S. crude gained upwards of $3 a barrel as fears mounted that Western intervention could further destabilize the Middle East, which pumps a third of the world's oil.

Western officials told the Syrian opposition to expect a strike against President Bashar al-Assad's forces within days, according to sources who attended a meeting between envoys and the Syrian National Coalition in Istanbul.

"As the rhetoric ratchets up around Syria the geopolitical risk premium in the price of oil is once again widening," Dominick Chirichella of Energy Management Institute said.

more

http://www.reuters.com/article/2013/08/27/markets-oil-idUSL4N0GS0UD20130827

[4Q2u2]

1. Funny how that works

Specially since neither Syria nor Egypt produce squat for oil. Check the FEDs own web site and the will usually show you that we have more Crude on hand now than the same point last year, in this country. So it is definitely not strait supply and demand. QEIII has not helped either.