Saturday, July 12, 2014

Oil approaches $108 on falling supplies

September 12. 2013 1:38AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) The price of crude rose Thursday after the latest data showed slightly declining oil inventories in the United States.

Benchmark oil for October delivery rose 10 cents to $107.66 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 17 cents to close at $107.56 on the Nymex on Wednesday.

The American Petroleum Institute released data showing U.S. crude supplies fell 177,000 barrels to 359.5 million barrels for the week ending Sept. 6. That's in line with the U.S. Energy Department estimate released Wednesday that put the drop at 200,000 barrels.

The slight gain in oil prices on Wednesday and Thursday followed losses Monday and Tuesday that totaled $3.14 a barrel, the result of diplomatic efforts to avoid a U.S. strike against Syria. The Obama administration has threatened action against President Bashar Assad, whom the U.S. says is responsible for a deadly chemical weapons attack against civilians.

Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise.

Brent, the benchmark for international crudes, rose 20 cents to $111.70 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

Wholesale gasoline rose 0.7 cents to $2.719 per gallon.

Natural gas lost 0.6 cents to $3.561 per 1,000 cubic feet.

Heating oil added 0.9 cent to $3.0812 per gallon.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds