BANGKOK (AP) — Oil prices fell further Tuesday as President Barack Obama's struggle to win support for U.S. military intervention in Syria diminished expectations of an attack.
Benchmark crude for October delivery was down 95 cents to $106.70 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.15 to close at $107.65 on Friday.
Obama on Monday met with key U.S. lawmakers to try to drum up support for military strikes against the regime of President Bashar Assad to respond to an attack in the Damascus suburbs last month that the U.S. says killed at least 1,429 civilians. A vote could come once Congress returns from its summer break, which is scheduled to end Sept. 9.
While Syria is not a major oil producer, it straddles a region that is. The possibility of a wider conflict, one that could interrupt production and shipping routes in the region, has pushed oil prices higher in recent days. Conversely, prices have slid as the prospect of a U.S. attack diminished.
Brent, the benchmark for international crudes, was down 12 cents to $114.21 a barrel on the ICE Futures exchange in London.
"The upside to Brent oil prices has been tempered somewhat by the diminished expectation of a US military strike, though they haven't fallen as much as US prices which have slid back much more sharply," Michael Hewson, senior market analyst at CMC Markets, said in a commentary.
In other energy futures trading on Nymex:
— Wholesale gasoline was down 1.2 cents to $2.878 per gallon.
— Heating oil was nearly unchanged at $3.137 per gallon.
— Natural gas rose 8 cents to $3.661 per 1,000 cubic feet.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Should a doctor be able to help a patient end his or her life? It's a controversial question that has been debated across the U.S. and on Wednesday, it was New Mexico's turn.
Investigators called it one of the worst animal cruelty cases they've seen. Now, more than a month after dozens of animals were seized from a property in San Miguel County, the owners are facing jail time.
The Office of the Medical Investigator identified the two victims in Sunday's plane crash which happened just south of the airport.
Gov. Susana Martinez is ordering that flags be flown at half-staff on Thursday to honor a Sandoval County sheriff's sergeant who died after being struck by a vehicle during a snow storm.
While Bernalillo County leaders continue to look for a way out of a risky investment plan that’s already cost taxpayers hundreds of thousands of dollars, the Treasurer’s Office insists it has an exit strategy well in hand.
A woman has pleaded guilty to embezzling nearly $9,000 that was supposed to be going to kids.