Oil Falls Below $110 After Hitting 2-Year High - KSWO 7News | Breaking News, Weather and Sports

Oil Falls Below $110 After Hitting 2-Year High

By PABLO GORONDI
Associated Press

The price of oil fell below $110 a barrel Monday, slipping from a two-year high as the prospects of a U.S. attack against Syria remained unclear.

By late morning, benchmark oil for October delivery was down 85 cents to $109.68 a barrel on the New York Mercantile Exchange. On Friday, oil gained $2.16 to close at $110.53, the highest closing price since May 3, 2011.

President Barack Obama has called for military action against the government of Syrian President Bashar Assad in retaliation for what the White House says was a chemical weapons attack against civilians in suburban Damascus last month.

But Obama has so far failed to win sufficient support for intervention both at home and abroad. The U.S. Congress is set to hold votes on authorizing limited strikes into Syria as soon as Wednesday while international backing for military action is still feeble and Russian President Vladimir Putin said Moscow would continue assisting Assad if the U.S. attacks.

On Monday, Assad warned the U.S. of repercussions if it launches a military attack against him. But in a surprise, Russia said it is pressing Syria to move its chemical weapons to areas under international control to avoid a U.S. military strike.

Obama plans to address the nation from the White House on Tuesday about Syria.

Brent, the benchmark for international crudes, was down $1.66 to $114.46 per barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

- Wholesale gasoline fell 2 cents to $2.83 per gallon.

- Natural gas rose 4 cents to $3.58 per 1,000 cubic feet.

- Heating oil retreated 2 cents to $3.14 per gallon.

___

Pamela Sampson in Bangkok contributed to this report.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • breaking

    Trump cancels North Korea summit

    Trump cancels North Korea summit

    Thursday, May 24 2018 9:50 AM EDT2018-05-24 13:50:52 GMT
    Thursday, May 24 2018 9:54 AM EDT2018-05-24 13:54:53 GMT

    President Donald Trump has cancelled a summit with North Korean leader Kim Jong Un in Singapore. 

    President Donald Trump has cancelled a summit with North Korean leader Kim Jong Un in Singapore. 

  • Investigators: Russian military missile downed Flight MH17

    Investigators: Russian military missile downed Flight MH17

    Thursday, May 24 2018 5:32 AM EDT2018-05-24 09:32:04 GMT
    Thursday, May 24 2018 9:36 AM EDT2018-05-24 13:36:33 GMT
    The passenger jet was headed from Amsterdam to Kuala Lumpur, Malaysia, when it was was blown out of the sky over eastern Ukraine on July 17, 2014. All 298 passengers and crew were killed. (Source: CNN)The passenger jet was headed from Amsterdam to Kuala Lumpur, Malaysia, when it was was blown out of the sky over eastern Ukraine on July 17, 2014. All 298 passengers and crew were killed. (Source: CNN)

    An international team of investigators say that detailed analysis of video images has established that the Buk missile that brought down Malaysia Airlines Flight 17 nearly four years ago came from a Russia-based...

    An international team of investigators say that detailed analysis of video images has established that the Buk missile that brought down Malaysia Airlines Flight 17 nearly four years ago came from a Russia-based military unit.

  • North Korea demolishes nuclear site ahead of Trump summit

    North Korea demolishes nuclear site ahead of Trump summit

    Thursday, May 24 2018 6:32 AM EDT2018-05-24 10:32:00 GMT
    Thursday, May 24 2018 9:53 AM EDT2018-05-24 13:53:18 GMT
    Journalists took a long journey up to North Korea to witness the destruction of what North Korea said were nuclear sites. (Source: CNN)Journalists took a long journey up to North Korea to witness the destruction of what North Korea said were nuclear sites. (Source: CNN)

    North Korea has carried out what it says is the demolition of its nuclear test site in the presence of foreign journalists.

    North Korea has carried out what it says is the demolition of its nuclear test site in the presence of foreign journalists.

Powered by Frankly