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Supply concerns ease in oil market

Sept. 24, 2013 at 5:27 PM   |   Comments

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NEW YORK, Sept. 24 (UPI) -- West Texas Intermediate crude oil prices held to less than $104 per barrel in New York Tuesday as price pressures have shifted in the past week.

Crude oil prices dropped for a fifth consecutive trading sessions as worries over a potentially supply disrupting military intervention in Syria have abated.

Increased oil flow from Libya has also taken pressure off of the market, analysts say.

On the New York Mercantile Exchange, WTI crude oil for November delivery lost 26 cents to reach $103.33 per barrel, off 0.25 percent. Reformulated blendstock gasoline prices added 3.3 cents to $2.656 per gallon. Home heating oil gained 0.82 cents or 0.28 percent to $2.9644 per gallon. Natural gas gave up 10 cents to $3.50 per million British thermal units.

At the pump, the national average price of unleaded gasoline fell to $3.461 per gallon Tuesday from Monday's $3.472, 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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