Oil edges down toward US$108
By Pamela Sampson, APBANGKOK--Oil prices fell slightly Friday as the U.S. and Russia held discussions in Geneva aimed at getting Syria to give up its chemical weapons.
September 14, 2013, 12:01 am TWN
Talks between U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov didn't appear to yield an immediate solution Thursday but were a sign that the Obama administration is willing to give diplomacy a chance. Talks were to resume Friday.
On Friday, benchmark oil for October delivery fell 4 cents to US$108.56 per barrel at midday Bangkok time. The contract gained US$1.04 to close US$108.60 a barrel on the New York Mercantile Exchange. Oil rose as high as US$109.16.
The easing tensions over Syria came amid figures showing Europe's industrial sector sliding into reverse during July. Eurostat reported Thursday that industrial output slumped 1.5 percent in July from the previous month. Slumping growth in the 17-nation eurozone points toward reduced demand for energy in the future.
Brent, the benchmark for international crudes, was up 22 cents to US$111.75 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 0.4 cents to US$2.7579 per gallon.
— Natural gas fell 0.1 cent to US$3.637 per 1,000 cubic feet.
— Heating oil added 0.7 cents to US$3.1234 per gallon.