Oil rises to almost US$108 a barrel after Obama postpones Syria vote
By Pamela Sampson, APBANGKOK--The price of oil rose Wednesday, a day after President Barack Obama said he asked U.S. lawmakers to postpone a vote authorizing the use of military force against Syria.
September 12, 2013, 12:12 am TWN
Syria's surprise announcement Tuesday that it would accept a Russian plan to turn over its chemical weapons stockpile raised the possibility of a resolution to the standoff between Obama and Assad and lowered tensions in oil markets.
Prices edged off a recent two-year high as the likelihood of a Syrian strike diminished, but analysts said prices would remain elevated for the time being.
Benchmark oil for October delivery rose 50 cents to US$107.89 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell US$2.13, or 1.9 percent, to close at US$107.39 a barrel on the Nymex on Tuesday.
Brent, the benchmark for international crudes, rose US$1.21 to US$112.46 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 1.8 cents to US$2.7535 per gallon.
— Natural gas rose nearly 0.1 cent to US$3.59 per 1,000 cubic feet.
— Heating oil rose 2.6 cents to US$3.0927 per gallon.