Brent Prices Begin To Level Off After Tuesday's Response to Tension in the Middle East

Brent Crude Oil prices pushed higher on Tuesday, reaching above $114. The increase followed more news of heightened tension in the Middle East. Brent prices have been pushed up and pulled down between investor doubts about future demand and supply worries. Syria and Turkey continue to take military action against one another after a shell killed five innocent civilians in a Turkish border town last week. The fighting has many concerned about interruptions to Northern Iraqi oil supply, as it is distributed to the West through piping in Turkey. According to

on Wednesday, NATO has declared its support for Turkey, and offered to help should the country ask for assistance. Although the heightened supply risk caused a price increase on Tuesday, on Wednesday morning prices opened a bit lower. Brent traded at 114.38 on Wednesday. Investors seem to focus more on the global economic slowdown and its implications for the oil market rather than the supply risks. The International Money Fund said the economic trouble was getting worse and decreased its growth forecasts a second time. Price increases have been mitigated by troubling economic data out of China and the eurozone attempts to control one of the largest debt crises the region has seen. Investors have predicted the future demand for oil to steadily decrease, pushing down the price. Saudi Oil Minister Ali al-Naimi made statements on Tuesday about his country's commitment to lowering oil prices. He believes that high oil prices are limiting global economic growth and that by leveling these prices we will see positive change in economies around the world; thus increasing the overall demand.