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Despite production outages the oil price should fall

As the threat of US military action recedes and seasonal demand eases, the oil price should drop

The global economy is gathering some steam, led by positive data in the US, UK, China and even the eurozone. So the last thing it needs is a Syria-induced spike in the oil price to derail the recovery. That is what oil markets were gearing up for in late August, as the US tried to muster support domestically and internationally for an attack on Bashar Al-Assad's regime in Syria after chemical weapons killed hundreds of civilians in a suburb of Damascus. Syria is not a major oil producer. Before the conflict, output was only around 350,000 barrels a day (b/d); it is now thought to about 60,000 b/d. But a punitive attack by the US was fraught with dangers for the oil market. It would prompt

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