Advanced Search

Related News

Home » Business » Energy

Oil rises 1 percent on doubt for Syria solution

Source: Agencies | September 13, 2013, Friday | Online Edition

The price of oil rose 1 percent yesterday as doubts persisted about a diplomatic resolution to the crisis in Syria.

US benchmark oil for October delivery gained US$1.04 to close US$108.60 a barrel on the New York Mercantile Exchange. Oil rose as high as US$109.16 earlier.

Oil fell US$3.14 a barrel on Monday and Tuesday, the result of diplomatic efforts to avoid a US strike against Syria. The US has threatened military action against President Bashar Assad, whom the US says is responsible for a deadly chemical weapons attack against civilians.

Yesterday there was more skepticism about whether Syria and its ally Russia could agree with the US on a plan for Assad's government to turn over its chemical weapons. Already there was disagreement over how soon the Syrians needed to start accounting for their stockpiles.

"We feel that a diplomatic solution acceptable to all parties will prove elusive and that the possibility of some form of US military strike will gradually be increasing going forward," wrote Jim Ritterbusch, president of energy consultancy Ritterbusch and Associated, in a note to clients.

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, was up US$1.32 to US$112.82 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 5 cents to US$2.76 per gallon.

— Natural gas gained 7 cents to US$3.64 per 1,000 cubic feet.

— Heating oil added 5 cents to US$3.12 per gallon.

Energy


 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend