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Crude Oil Gains on Situation in Syria, Natural Gas Backs Off

September 5, 2013 at 2:09 by Vladimir Vyun

Crude oil rallied today on prospects of a war in Syria. US President Barack Obama won a support from the Senate Foreign Relations Committee, which voted to authorize an attack. Additionally, there is a possibility that Russia will not veto an involvement of the United Nations. Middle East accounts for about 35 percent of world oil production, therefore conflicts in the region tend to propel prices for crude up. October futures for delivery of WTI crude oil went up $0.24 (0.22 percent) to $107.47 per barrel as if 1:50 GMT on NYMEX today. Contract for Brent crude added $0.09 (0.08 percent) to $115.01 per barrel on ICE.

Natural gas was a little lower today. Yesterday, it rallied on speculations that hot weather in the United States will support demand for the commodity as a fuel for power plants. Forecasters predict that temperatures will be above norm in most areas of the USA next week. October contract for delivery of natural gas was down $0.01 (0.16 percent) to $3.68 per million British thermal units on NYMEX today after rising $0.017 yesterday.

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