The possibility of an American military strike against Syria as retaliation for the use of chemical weapons against civilian population and the violation of international norms pushed oil deep into the green territory on Wednesday. Syria itself is not a major oil exporter but the entire region is.
Brent crude added 3.7 percent to its value and closed at 71.21 dollar per barrel. U.S. West Texas Intermediate (WTI) crude rose by 3.3 percent towards 65.51 dollar per barrel. With this recent surge, oil price got nearer to 2014 highs.
The Dow Jones industrial Average gained more than 400 points on the previous session, as U.S. Stocks surged due to the Chinese President’s conciliatory stance towards the trade conflicts between China and the U.S. This positive approach coming from Beijing helped markets regain stability while restoring overall investors’ optimism.
The Dow Jones ended 428.90 points higher at 24,408.00 after recording a 1.8 percent increase. The S&P 500 closed the session in the bull, adding 43.71 points, or 1.7 percent, towards 2,656.67 points. The tech-heavy Nasdaq Composite Index went higher by 2.1 percent to end the session at 7,094.30 points.
On the forex market, the yen added 0.1 percent to its value and closed at 107.04 per 1 dollar. The dollar index remained flat at 89.600. The euro climbed by 0.1 percent towards 1.2364 per dollar.