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Crude oil tops $110

Sept. 6, 2013 at 3:31 PM   |   Comments

NEW YORK, Sept. 6 (UPI) -- Crude oil prices for October delivery added more than $2 per barrel Friday, topping $110 as traders reacted to geopolitical tensions in the Middle East.

The trouble spots of Syria, Egypt and Libya are each contributing to concerns that supply lines could be disrupted.

While none of the trouble spots are major producers, they are modest contributors to the daily oil supply and, more ominously, they could each be disruptive to important supply lines. More ominously still, tension in the trouble spots could spread to other more significant oil producing countries in the region.

Prices also got a boost from an inventory draw of 1.8 million barrels this week, dropping the U.S. supply to 360.2 million barrels.

West Texas Intermediate crude oil gained $2.10 to $110.47 per barrel. Reformulated blendstock gasoline added 1.21 cents to $2.8481 per gallon. Home heating oil added 2.18 cents to reach $3.1615 per gallon.

Natural gas shed 4.4 cents to $3.351 per million British thermal units.

Topics: Barack Obama
© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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