<p>Oil prices rose in Asian trade today as US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria.<br /><br /></p>.<p>New York's main contract, West Texas Intermediate for delivery in October, gained 30 cents to USD 107.53 in mid-morning trade, while Brent North Sea crude for October gained 19 cents to USD 115.10.<br /><br />The gains came after the US Senate Foreign Relations Committee backed an amended resolution authorising strikes in Syria, albeit with a 90-day deadline and barring the use of ground forces for combat purposes.<br /><br />Obama was meeting world leaders in Russia yesterday as he strives to bridge deep divisions over his push for action triggered by an alleged chemical weapons attack on Damascus suburbs.<br /><br />Teoh Say Hwa, head of investment at Phillip Futures in Singapore, said the initial expression of support from Congress had increased the likelihood of military action.<br /><br />This has raised concerns "that the unrest may spread in the Middle East region, which accounts for a third of the world's crude, and disrupts oil supplies", she told AFP.<br /><br />Chua Hak Bin, Southeast Asian economist at Bank of America Merrill Lynch in Singapore, said high oil prices could hurt economic growth.<br /><br />"An oil price surge comes at a particularly bad time, when several Asian countries -- particularly India and Indonesia -- are already facing pressures from high inflation, large fuel subsidies, and widening oil-trade deficits," he said in a note.</p>
<p>Oil prices rose in Asian trade today as US President Barack Obama cleared the first legislative hurdle in his race to win congressional backing for military strikes on Syria.<br /><br /></p>.<p>New York's main contract, West Texas Intermediate for delivery in October, gained 30 cents to USD 107.53 in mid-morning trade, while Brent North Sea crude for October gained 19 cents to USD 115.10.<br /><br />The gains came after the US Senate Foreign Relations Committee backed an amended resolution authorising strikes in Syria, albeit with a 90-day deadline and barring the use of ground forces for combat purposes.<br /><br />Obama was meeting world leaders in Russia yesterday as he strives to bridge deep divisions over his push for action triggered by an alleged chemical weapons attack on Damascus suburbs.<br /><br />Teoh Say Hwa, head of investment at Phillip Futures in Singapore, said the initial expression of support from Congress had increased the likelihood of military action.<br /><br />This has raised concerns "that the unrest may spread in the Middle East region, which accounts for a third of the world's crude, and disrupts oil supplies", she told AFP.<br /><br />Chua Hak Bin, Southeast Asian economist at Bank of America Merrill Lynch in Singapore, said high oil prices could hurt economic growth.<br /><br />"An oil price surge comes at a particularly bad time, when several Asian countries -- particularly India and Indonesia -- are already facing pressures from high inflation, large fuel subsidies, and widening oil-trade deficits," he said in a note.</p>