Oil falls near US$107 a barrel

Source: Agencies | August 20, 2013, Tuesday |

Online Edition

The price of oil fell for the first time in more than a week yesterday, slipping near US$107 a barrel.

West Texas Intermediate, the benchmark for US crude, for September delivery fell 36 cents to close at US$107.10 a barrel on the New York Mercantile Exchange. The contract rose US$4.06, or 4 percent, over the prior six trading sessions.

Brent North Sea crude, the benchmark for international crudes, fell 50 cents to US$109.90 a barrel for October delivery on the ICE Futures exchange in London.

The situation in Egypt has supported higher oil prices. The country has been wracked by ongoing clashes between supporters of ousted President Mohammed Morsi and the military-backed government. Nearly 900 people have died in the violence so far.

Egypt is not a major oil exporter, but there is concern that an escalation in fighting could spread to neighboring countries or disrupt the Suez Canal, a major trade route.

Traders are also waiting for clear signals from the US Federal Reserve on monetary policy. It is widely held that the Fed will begin to reduce its US$85 billion a month in asset purchases as early as September.

The Fed's stimulus policy has lowered interest rates and made oil and other commodities a more attractive investment by offering potentially higher returns.

In other energy futures trading on the Nymex:

— Heating oil fell 1 cent to US$3.07 per gallon.

— Wholesale gasoline fell 3 cents to US$2.93 a gallon.

— Natural gas rose 10 cents to US$3.46 per 1,000 cubic feet.

Energy

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Oil falls near US$107 a barrel

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