Oil falls but Middle East jitters could make for choppy trade
APBANGKOK--Oil prices fell Monday following weeks of strong gains, while analysts warned that trading could be choppy amid growing tensions in the Middle East.
February 5, 2013, 12:14 am TWN
Benchmark oil for March delivery fell 46 cents at late afternoon Bangkok time to US$97.31 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 28 cents to finish at US$97.77 a barrel on the Nymex on Friday.
Brent crude, used to price international varieties of oil, fell 38 cents to US$116.42 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 1.2 cent to US$3.0418 per gallon.
— Natural gas was steady at US$3.30 per 1,000 cubic feet.
— Heating oil fell 1 cent to US$3.15 a gallon.