Oil rises above US$106 a barrel as conflict in Syria continues to rage
By Pamela Sampson, APBANGKOK--The price of oil rose above US$106 a barrel Tuesday after a U.S. official said there was strong evidence that Syria used chemical weapons against civilians, a sign that Washington might be considering a military strike against President Bashar Assad's regime.
August 28, 2013, 12:01 am TWN
U.S. benchmark crude for October delivery was up 66 cents to US$106.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 50 cents, or 0.5 percent, to close at US$105.92 on Monday.
The price of oil has risen about 15 percent in the past three months on concern that unrest in Egypt and civil war in Syria could disrupt production and exports, especially in Libya and Iraq. It has also raised the specter of spreading violence that could block important supply routes.
Brent crude, which sets prices for imported oil used by many U.S. refineries, rose 83 cents to US$111.56 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Heating oil rose 1.6 cents to US$3.099 per gallon.
— Natural gas added 0.3 cent to US$3.516 per 1,000 cubic feet.
— Wholesale gasoline rose 1.7 cents to US$2.851 per gallon.