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Oil falls on hopes for ceasefire in Middle East
Source: Agencies |
November 21, 2012, Wednesday
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Online Edition
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THE price of oil fell sharply yesterday on signs that Israel and Hamas are reportedly close to putting a halt to fighting that has lasted nearly a week.
Benchmark crude finished almost 3 percent lower as a diplomatic push to end Israel's offensive in the Gaza Strip gained momentum. Egypt's president predicted that airstrikes would end soon, and Israel's prime minister said his country would be a "willing partner" to a cease-fire with the Islamic militant group Hamas.
Secretary of State Hillary Rodham Clinton also headed to the Middle East to meet with leaders of the two sides and encourage a peace deal. The trip marked the most direct US engagement in the conflict so far.
Benchmark crude fell US$2.53, or 2.8 percent, to finish at US$86.75 per barrel in New York. That wiped out a similar gain on Monday, when oil closed above US$89 per barrel for the first time in a month.
Brent crude, which is used to price international varieties of oil, fell US$1.87, or 1.7 percent, to end at US$109.83 a barrel in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil fell 4 cents to finish at US$3.04 a gallon.
- Wholesale gasoline fell 4 cents to end at US$2.71 per gallon.
- Natural gas rose 11 cents, or 3 percent, to finish at US$3.83 per 1,000 cubic feet.
Benchmark crude finished almost 3 percent lower as a diplomatic push to end Israel's offensive in the Gaza Strip gained momentum. Egypt's president predicted that airstrikes would end soon, and Israel's prime minister said his country would be a "willing partner" to a cease-fire with the Islamic militant group Hamas.
Secretary of State Hillary Rodham Clinton also headed to the Middle East to meet with leaders of the two sides and encourage a peace deal. The trip marked the most direct US engagement in the conflict so far.
Benchmark crude fell US$2.53, or 2.8 percent, to finish at US$86.75 per barrel in New York. That wiped out a similar gain on Monday, when oil closed above US$89 per barrel for the first time in a month.
Brent crude, which is used to price international varieties of oil, fell US$1.87, or 1.7 percent, to end at US$109.83 a barrel in London.
Other energy futures on the New York Mercantile Exchange:
- Heating oil fell 4 cents to finish at US$3.04 a gallon.
- Wholesale gasoline fell 4 cents to end at US$2.71 per gallon.
- Natural gas rose 11 cents, or 3 percent, to finish at US$3.83 per 1,000 cubic feet.
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