Oil prices rebound to nearly US$103 a barrel following series of declines
By Pamela Sampson, APBANGKOK--The price of oil rose Wednesday, bouncing back slightly after a string of losses.
September 26, 2013, 12:05 am TWN
Benchmark oil for November delivery was up 28 cents to US$103.41 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 46 cents to finish at US$103.13 a barrel on Tuesday, the lowest close since July 30.
Oil has dropped 6.7 percent since closing at a two-year high of US$110.53 on Sept. 6.
Investors are also remaining cautious as Congress in Washington gears up for a budget fight. Failure to reach an agreement could make it impossible for the government to pay some of its bills.
Still, Carl Larry of Oil Outlooks and Opinions said that despite some seemingly negative news, including the threat of a government shutdown, now “is a damn good time to buy crude oil on the cheap.”
Brent crude, the benchmark for international crudes used by many U.S. refineries, rose 85 cents to US$109.49 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline rose 2.1 cents to US$2.668 per gallon.
— Natural gas rose 3.3 cents to US$3.525 per 1,000 cubic feet.
— Heating oil rose 2.2 cents to US$2.982 per gallon.