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Crude oil flat on easing geopolitical tensions

Sept. 11, 2013 at 8:24 AM   |   Comments

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NEW YORK, Sept. 11 (UPI) -- Crude oil prices for October delivery held steady overnight after U.S. President Barack Obama backed away from a military intervention in Syria.

Tension arising from Syria's alleged use of chemical weapons against its own citizens in late August sent oil prices to an elevated plateau, peaking above $110 per barrel.

With the threat of a military intervention easing, oil prices are headed down again.

West Texas Intermediate crude oil for October delivery shed 7 cents overnight to reach $107.32 per barrel. Reformulated blendstock gasoline added 0.44 cents to $2.7401 per gallon. Heating oil gained 1.63 cents to $3.0831 per gallon.

Natural gas gave up 31 cents to $3.57 per million British thermal units.

At the pump, the national average price of unleaded gasoline dropped to $3.558 per gallon Wednesday, down from Tuesday's $3.564, AAA's daily fuel gauge report said.

Topics: Barack Obama
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