Investing.com - Crude oil futures shot up in Asian trading on Tuesday as Syrian violence threatened to spread abroad, with Turkey pledging to defend itself from Syria's cross-border attacks against insurgents along the border.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD90.22 a barrel on Tuesday, up 1.00%, off from a session high of USD90.24 and up from an earlier session low of USD89.92.
Turkish troops fired artillery into Syria to make it clear that it will not allow Syrian violence to further spill over into its territory.
Fears Syrian violence could escalate into an international armed conflict sent crude prices rising.
Meanwhile in oil-rich Venezuela, voters reelected President Hugo Chavez for another term, which pressured prices upwards as well due to Chavez' famous spats with the U.S., a major importer of Venezuelan crude.
Geopolitical fears offset bearish macroeconomic news.
The World Bank earlier cut its 2012 growth forecast for developing Asia-Pacific economies to 7.2% from a May forecast of 7.6%.
The World Bank also said China's economy will growth 7.7% this year, down from a May forecast of 8.2%.
The International Monetary Fund, meanwhile, cut its 2012 global growth forecast to 3.3% from a July estimate of 3.5%.
On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.49% and trading at USD112.72 a barrel, up USD22.50 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD90.22 a barrel on Tuesday, up 1.00%, off from a session high of USD90.24 and up from an earlier session low of USD89.92.
Turkish troops fired artillery into Syria to make it clear that it will not allow Syrian violence to further spill over into its territory.
Fears Syrian violence could escalate into an international armed conflict sent crude prices rising.
Meanwhile in oil-rich Venezuela, voters reelected President Hugo Chavez for another term, which pressured prices upwards as well due to Chavez' famous spats with the U.S., a major importer of Venezuelan crude.
Geopolitical fears offset bearish macroeconomic news.
The World Bank earlier cut its 2012 growth forecast for developing Asia-Pacific economies to 7.2% from a May forecast of 7.6%.
The World Bank also said China's economy will growth 7.7% this year, down from a May forecast of 8.2%.
The International Monetary Fund, meanwhile, cut its 2012 global growth forecast to 3.3% from a July estimate of 3.5%.
On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.49% and trading at USD112.72 a barrel, up USD22.50 from its U.S. counterpart.