[LONDON] Global oil prices soared on Tuesday to one-month peaks on simmering Syria tensions, rebounding equities, the weak dollar, and upbeat comments from energy major Shell.
In late afternoon London deals, Brent North Sea crude for delivery in November rallied US$2.45 to US$51.71 per barrel.
US benchmark West Texas Intermediate for delivery in November jumped US$2.03 to US$48.29 a barrel compared with Monday's close.
"Oil prices have been supported by a number of factors lately, including ... a slightly weaker US dollar, the positive vibes arising from the rebounding stock markets, and Russia's military actions in Syria which has increased supply-side risks in the Middle East region," said analyst Fawad Razaqzada at traders Gain Capital.
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