Oil retreats from 2-year high, falls below US$109 per barrel
APBANGKOK--The price of oil fell below US$109 a barrel Thursday, easing off a two-year high, after a report showed a rise in U.S. crude inventories.
August 30, 2013, 12:00 am TWN
Benchmark oil for October delivery was down US$1.15 to US$108.95 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
The contract rose US$1.09, or 1 percent, to US$110.10 a barrel on Wednesday, driven higher by the prospect of Western military intervention in Syria's civil war. That was its highest closing price since May 3, 2011. Earlier in the day, oil charged as high as US$112.24.
The American Petroleum Institute said crude stocks for the week ended Aug. 23 rose by 2.47 million barrels to about 366.6 million barrels. Rising supplies tend to hold oil prices down.
The oil price has surged 27 percent since touching a low for the year of US$86.68 on April 17.
Brent crude, the benchmark for international crudes, fell US$1.16 to US$115.45 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Heating oil fell 2.2 cents to US$3.189 per gallon.
— Natural gas rose 0.6 cent to US$3.588 per 1,000 cubic feet.
— Wholesale gasoline fell 2.8 cents to US$2.933 per gallon.