Oil slips toward US$103 per barrel
By Pamela Sampson, APBANGKOK--The price of oil slipped again Tuesday, a day after hitting a six-week low, as fears of a U.S.-led military attack on Syria faded.
September 25, 2013, 12:08 am TWN
Benchmark oil for November delivery was down 6 cents to US$103.53 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell US$1.16, or 1.1 percent, to close at US$103.59 on Monday. Oil has dropped 6.3 percent since closing at a two-year high of US$110.53 on Sept. 6.
Some analysts said that apparent diplomatic progress over the elimination of Syria's chemical weapons and a seeming thaw in relations between Iran and Western powers were easing fears of a potential disruption in oil supplies.
The U.S. had threatened to attack Syria in retaliation for an alleged chemical gas attack against civilians. But the Obama administration has since said diplomats would be given a chance to convince Syrians to turn over their chemical weapons before deploying military force.
Brent crude, the benchmark for international crudes used by many U.S. refineries, rose 15 cents to US$108.31 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 0.1 cent to US$2.614 per gallon.
— Natural gas lost 1.3 cents to US$3.589 per 1,000 cubic feet.
— Heating oil retreated 0.3 cents to US$2.954 per gallon.