Oil prices firm on strong demand, political uncertainty in Syria

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By Henning Gloystein

SINGAPORE - Oil prices were firm on Monday, supported by strong demand and political uncertainty in Syria, although another rise in U.S. drilling activity kept a lid on gains. Brent crude futures, the international benchmark for oil, were at $55.28 per barrel at 0226 GMT, up 4 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 10 cents at $52.34 a barrel.

Traders said prices were being supported by strong demand, and also political uncertainty following the U.S. missile air strikes on Syria late last week. ANZ bank said on Monday that strong oil demand and "an unsettled global backdrop (is) leaving the market very finely balanced".

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