Oil dips below US$103 as Syrian diplomacy makes advances at UN
By Pamela Sampson, APBANGKOK--Oil prices fell Friday, a day after the U.N. Security Council made progress in the quest to get Syria to relinquish its chemical weapons.
September 28, 2013, 12:05 am TWN
Benchmark oil for November delivery fell 57 cents to US$102.46 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
Upbeat news about the U.S. economy pushed prices higher Thursday. The contract for benchmark crude gained 37 cents Thursday to close at US$103.03 a barrel on the New York Mercantile Exchange. Oil had dropped US$5.41, or 5 percent, over the five previous trading sessions.
Oil prices rose as data showed that the number of Americans seeking unemployment benefits fell 5,000 last week to a seasonally adjusted 305,000, the second-lowest level in six years. The U.S. economy, meanwhile, was confirmed to have grown an annualized 2.5 percent in the April-June period.
Brent crude, the benchmark for international crudes used by many U.S. refineries, fell 33 cents to US$108.88 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 0.4 cents to US$2.685 per gallon.
— Natural gas rose marginally to US$3.568 per 1,000 cubic feet.
— Heating oil fell 0.7 cent to US$2.9928 per gallon.