WTI Crude Advances After Syria Blames Israel for Attacks
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West Texas Intermediate crude erased gains and fell from the highest level in a month after air strikes in Syria renewed concern that turmoil in the Middle East may worsen and disrupt supply from the biggest producing region.
WTI futures climbed 1.6 percent in New York before dropping as much as 73 cents. Syria’s state news agency said Israeli aircraft attacked a military research center on the outskirts of Damascus yesterday. The offensive was a “declaration of war,” Syria’s Deputy Foreign Minister Faisal al-Mekdad told CNN. Israel didn’t confirm involvement. WTI capped a second weekly gain May 3 after U.S. employment rose more than forecast.