SMM: crude oil futures rose and fell on Wednesday, helped by the Turkish attack on Syria, but the increase in U. S. crude oil stocks limited the rise. Brent crude oil futures rose $0.08, while US crude oil futures fell $0.04 as oil prices fell in after-hours trading. Turkish President Recep Tayyip Erdogan said Turkey had launched a military operation against Kurdish forces in northeastern Syria, adding that the purpose of the attack was to destroy a "corridor of terror" along the Turkish border. Analysts say the attacks could affect the economy of Iraq's oil-producing region of Kurdistan and push up energy prices.
The US president said Turkish military action in Syria was "a bad idea" and did not have the support of the US government, followed by a fall in oil prices. (EIA), the US energy data association, said US crude oil inventories rose 2.9 million barrels last week, more than double the 1.4 million barrels expected by analysts, putting pressure on oil prices. Us crude oil production rose to a record 12.6 million barrels a day last week;
JimRitterbusch, president of RitterbuschandAssociates, an oil trading consultancy, said: "US crude oil inventory growth exceeded expectations, further supporting concerns about weak oil demand, with refineries falling more seasonally than analysts had generally expected."
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