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Oil backpedals Friday, closing at less than $105

Sept. 20, 2013 at 5:03 PM   |   Comments

NEW YORK, Sept. 20 (UPI) -- Crude oil prices slid to less than $105 per barrel Friday on retreating worries over the Middle East and profit-taking as the October contract nears expiration.

Recent diplomatic progress with Syria was seen as a sign supply lines would remain operational. Traders also interpreted reports Iranian President Hassan Rouhani said his country will never build nuclear weapons as a sign that more oil could be available to meet demand.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for October delivery lost 1.6 percent or $1.72 to reach $104.67 per barrel. Reformulated blendstock gasoline prices dropped 0.97 cents to $2.6875 per gallon. Home heating oil gained 0.33 cents to $3.0073 per gallon. Natural gas dropped 3 cents to $3.69 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.491 per gallon Friday from Thursday's $3.494, AAA's Daily Fuel Gauge Report said.

© 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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