Oil settles back on easing tensions in Middle East

Aug. 29, 2013 at 5:53 PM
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NEW YORK, Aug. 29 (UPI) -- Crude oil for October delivery eased back toward $108 per barrel Thursday as tensions eased concerning a military intervention in Syria.

The United Nations failed to support a military intervention and President Barack Obama said on PBS NewsHour he has "no interest in any kind of open-ended conflict in Syria," which appears to have eliminated the threat of an escalating conflict, oil industry analyst Dominick Chirichella said.

West Texas Intermediate crude oil shed $1.90 in after hours trading to reach $108.20 per barrel. Reformulated blendstock gasoline lost 1.36 cents to $2.917 per gallon. Home heating oil gave up 1.82 cents to reach $3.1701 per gallon.

Natural gas added 0.3 cent to $3.621 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.564, up from Wednesday's $3.546, the AAA Fuel Gauge report said.

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