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Oil prices gain amid rising geopolitical tensions

Xinhua, November 17, 2015 Adjust font size:

Oil prices added Monday as French fighter jets bombed a series of ISIS sites in Syria following the Paris attacks, which killed at least 132 people.

Traders believed that the airstrikes have psychological impacts on the oil markets, as Syria is not a major supplier of crude.

Oil prices lost as much as 8 percent last week, dragged down by a supply glut and lackluster demand.

The Organization of Petroleum Exporting Countries (OPEC)'s crude production averaged 31.38 million barrels per day, according to OPEC's monthly oil market report.

Data from oil service company Baker Hughes showed that last week the number of active U.S. oil-drilling added 2 to 574.

The West Texas Intermediate for December delivery moved up 1 U.S. dollars to settle at 41.74 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery increased 0.09 dollars to close at 44.56 dollars a barrel on the London ICE Futures Exchange. Endit