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Oil rises past $98 on Syria, ahead of Fed meeting

By PABLO GORONDI Published: June 18, 2013

In brief

Oil prices increase

The price of oil climbed to above $98 a barrel Monday amid concerns over an escalation in the civil war in Syria and as traders awaited a critical meeting of the U.S. Federal Reserve later in the week.

By early afternoon in Europe, benchmark oil for July delivery was up 43 cents to $98.28 a barrel in electronic trading on the New York Mercantile Exchange.

Brent crude, a benchmark for many international oil varieties, was up 26 cents to $106.19 a barrel on the ICE Futures exchange in London.

Associated Press