WTI Crude Trades at Nine-Month High on Mideast Unrest
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West Texas Intermediate crude traded at the highest price in more than nine months because of renewed speculation that unrest in Syria will spread to other parts of the Middle East and disrupt supplies.
Futures gained as much as 0.9 percent after rising the most in five days on June 14, capping a second weekly gain. U.S. President Barack Obama was said to authorize arming Syrian rebel groups. Iranian President-elect Hassan Rohani’s vow to improve ties with the world carried him to a surprise first-round election win. Stronger summer demand and supply risks continue to support the market, Morgan Stanley said in a research note.