London- Global oil prices hit one-month peaks on Friday, winning support partly from geopolitical tensions in Syria and Turkey, and following positive economic data in the United States, dealers said.
Brent North Sea crude for delivery in July jumped to $105.60 a barrel, the highest point since the start of May. It later stood at $105.36, up 41 cents from Thursday's close.
New York's main contract, West Texas Intermediate (WTI) light sweet crude for July, rallied to $97.30 a barrel, attaining a level last touched in early April. It later pulled back slightly to stand at $97.09, up 40 cents.
“Stronger US equities and a weaker dollar helped the price of Brent Crude oil move higher, supported by data from the US showing a fall in unemployment and positive retail sales,” Marex Spectron energy analysts said in a note to clients.
“Geopolitical factors also fuelled bullish sentiment ahead of Iranian elections with growing tensions in Turkey adding to existing risk in Syria and Libya.”
Both oil contracts had also risen on Thursday following positive economic news from the world's biggest crude consuming nation.
US retail sales picked up more than expected in May, a positive sign for consumer spending that accounts for most of the economy's activity. Claims for unemployment insurance benefits fell in the first week of June, pointing to a continued but slow recovery in the jobs market.
“Crude prices have strengthened ... as markets continued to digest the better than expected US retail and unemployment statistics,” said analyst Myrto Sokou at the Sucden brokerage in London.
The market had meanwhile fallen in earlier Asian trade on Friday, as some dealers took profits, analysts said.
“Oil has gone up quite a bit in the past couple of weeks, so it is due for some technical resistance,” Kelly Teoh, market strategist at IG Markets in Singapore, told AFP. - Sapa-AFP