26 Aug '13, 2pm

Drumbeat: August 26, 2013

West Texas Intermediate crude traded near a four-day high amid signs of economic recovery in Europe and speculation that western governments may launch a military intervention in Syria. Brent’s premium to WTI narrowed. Futures advanced as much as 0.9 percent in New York. Economic confidence in the euro area probably rose to the highest level in 17 months in August, adding to signs that the currency bloc’s recovery from a record-long recession is gathering pace. U.K. Foreign Secretary William Hague said Britain is convinced President Bashar Al-Assad is behind last week’s chemical weapons attack in Syria, and there’s agreement with the U.S. and France on the need to respond. “There’s a surprisingly robust economic recovery,” said Eugen Weinberg, the head of commodities research at Commerzbank AG in Frankfurt. “It’s supporting prices but not catapulting them to a new level.”

Full article: http://www.theoildrum.com/node/10210

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