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Oil posts gain as market eyes Syria, Israel
Source: Agencies |
May 7, 2013, Tuesday
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THE price of oil edged higher yesterday as tension increased between Syria and Israel.
The benchmark oil contract for June delivery rose 55 cents to close at US$96.16 per barrel on the New York Mercantile Exchange. It was the third straight day of gains for oil, and the first close above US$96 since April 2.
Prices rose early yesterday on news of an Israeli military strike in Syria, raising concern of an expansion in conflict in the oil-rich Middle East. The price fell back below US$95 before rising again late in the day.
Brent crude, which is the benchmark for international oil varieties and more susceptible to news from the Middle East, gained US$1.27 to US$105.46 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose 4 cents to US$2.87 a gallon.
- Heating oil rose 4 cents to US$2.92 a gallon.
- Natural gas fell 3 cents to US$4.01 per 1,000 cubic feet.
The benchmark oil contract for June delivery rose 55 cents to close at US$96.16 per barrel on the New York Mercantile Exchange. It was the third straight day of gains for oil, and the first close above US$96 since April 2.
Prices rose early yesterday on news of an Israeli military strike in Syria, raising concern of an expansion in conflict in the oil-rich Middle East. The price fell back below US$95 before rising again late in the day.
Brent crude, which is the benchmark for international oil varieties and more susceptible to news from the Middle East, gained US$1.27 to US$105.46 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Wholesale gasoline rose 4 cents to US$2.87 a gallon.
- Heating oil rose 4 cents to US$2.92 a gallon.
- Natural gas fell 3 cents to US$4.01 per 1,000 cubic feet.
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