Gene McGillian: Syria

Syria: President Barack Obama authorized arming rebels in Syria after the White House said it had proof the Syrian government had used chemical weapons against them, according to Globe and Mail. Elevated worries about Syria seems to have attracted some fresh length in the market, said Gene McGillian, analyst with Tradition Energy in Stamford, Connecticut and Oil rose and U.S. crude hit a nine-month intraday high on Friday, after news that the United States had authorized sending U.S. weapons to Syrian rebels sparked concerns about Middle East supplies. Although Syria is not a key global oil supplier, investors are worried that an escalating civil war could lead to unrest in oil-producing regions of the Middle East, which pumps more than a third of the worlds oil. Russian Foreign Minister Sergei Lavrov said more U.S. military support for rebel Syrian forces could stoke violence in the Middle East. (www.immigrantscanada.com). As reported in the news.