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Oil settles back on easing tensions in Middle East

Oil settles back on easing tensions in Middle East
Opposition fighters stand near members of a United Nations (UN) delegation as UN arms experts inspect the site where rockets fell in Damascus' Eastern Ghouta suburb on August 28, 2013. Rebels who control the area said the inspectors travelled in a six-vehicle convoy to investigate a suspected chemical weapons strike on August 21. UPI/Mohammed Al-Abdullah | License Photo

NEW YORK, Aug. 29 (UPI) -- Crude oil for October delivery eased back toward $108 per barrel Thursday as tensions eased concerning a military intervention in Syria.

The United Nations failed to support a military intervention and President Barack Obama said on PBS NewsHour he has "no interest in any kind of open-ended conflict in Syria," which appears to have eliminated the threat of an escalating conflict, oil industry analyst Dominick Chirichella said.

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West Texas Intermediate crude oil shed $1.90 in after hours trading to reach $108.20 per barrel. Reformulated blendstock gasoline lost 1.36 cents to $2.917 per gallon. Home heating oil gave up 1.82 cents to reach $3.1701 per gallon.

Natural gas added 0.3 cent to $3.621 per million British thermal units.

At the pump, the national average price for a gallon of unleaded regular gasoline was $3.564, up from Wednesday's $3.546, the AAA Fuel Gauge report said.

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