Oil settles near $108

Sept. 4, 2013 at 9:00 AM

NEW YORK, Sept. 4 (UPI) -- Crude oil prices for October delivery dropped to $108 per barrel Wednesday as the threat of military strike against Syria has eased.

Key members of Congress have voiced support for a military response to the Syrian government's alleged use of chemical weapons on its own citizens, but it is not certain Congress will approve the initiative.

West Texas Intermediate crude oil for October delivery lost 46 cents to $108.08 per barrel on the New York Mercantile Exchange. Reformulated blendstock gasoline shed 0.7 cents to $2.8576 per gallon. Home heating oil lost 1.13 cents to reach $3.137 per gallon.

Natural gas gained 2.4 cents to $3.69 per million British thermal units.

At the pump, the national average price for unleaded regular gasoline was $3.589 per gallon, down from Tuesday's $3.591, the AAA Fuel Gauge report said.

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