Oil gains as Syria-Turkey tensions rise

10/4/2012 10:45 AM
By Associated Press

The price of oil is rising the most in two months after tensions rose between Syria and Turkey.

Oil rose to $91.63, a jump of $3.49, or 4 percent, in morning trading on the New York Mercantile Exchange.

Thursday's rise follows a decline of 4 percent on Wednesday.

The increase came as Turkey's military fired on targets in Syria for the second day. Prices also got a boost from a falling dollar, which tends to influence investors to buy commodities like oil and gold.

The price of gasoline at the pump rose two-tenths of a cent, to $3.784 for a gallon of regular, according to AAA. That's up 38 cents from a year ago.

Brent crude, which is used to price international varieties of oil, was up $3.34 to $111.55 in London.

In other energy futures trading in New York:

— Natural gas rose 0.3 cent to $3.42 per 1,000 cubic feet. It had slightly larger gains earlier in the morning, but gave them up when a government report showed that more gas went into storage last week than analysts had expected.

— Heating oil advanced 9 cents to $3.16 per gallon.

— Wholesale gasoline rose 11 cents to $2.91 per gallon after reports of a fire at an Exxon Mobil Corp. refinery.


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