Related News
Oil falls on hopes for ceasefire in Middle East
Source: Agencies |
November 21, 2012, Wednesday
|
Online Edition
Online Edition
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
