Breaking News, World News and Taiwan News.

Oil nears US$92 per barrel as weak demand, Iran tensions weighed up

BANGKOK--Oil edged down to near US$92 a barrel Friday in Asia, after a big jump the day before, as a weak demand picture was weighed against rising Middle East tensions.

Benchmark crude was down 59 cents at US$92.07 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract surged US$2.79, about 3 percent, to settle at US$92.66 in New York on Thursday, its highest level since mid-May.

Brent crude was down 47 cents at US$107.33 on the ICE futures exchange in London.

In other energy trading, natural gas was up 1 cent at US$3.01 per thousand cubic feet. Heating oil was off 2.2 cents at US$2.924 a gallon and gasoline fell 1.9 cents to US$2.823 a gallon.

The oil market is responding to a series of events that have raised concerns that Iran will try to block oil shipments through the Strait of Hormuz, a narrow waterway in the Persian Gulf through which one-fifth of the world's oil travels every day. The U.S. and Europe have applied sanctions against Iranian oil exports as they try to wring concessions from Tehran over a nuclear energy program they believe is a cover for eventually producing nuclear weapons.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
WSJA
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search