You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Boeing to give California workers $47 million in back pay
    PALMDALE, Calif. — Boeing Co. will pay $47 million to hundreds of current and former Southern California employees who are owed back pay and benefits, a union announced Friday.
  • Startup funds soar to highest since 2001
    Funding for U.S. startup companies soared 57 percent in the first quarter to a level not seen since 2001, as venture capitalists piled more money into a growing number of deals, according to a report published Friday.
  • China trade group steps in
    Chinese police hauled away dozens of workers Friday to break up a march on a factory complex targeted by tens of thousands of laborers striking against the world’s largest maker of athletic shoes, while a government trade union said it would mediate
Advertisement

Price of oil slips toward $103 per barrel

BANGKOK (AP) — The price of oil slipped again Tuesday, a day after hitting a six-week low, as fears of a U.S.-led military attack on Syria faded.

Benchmark oil for November delivery was down 54 cents to $103.53 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.16, or 1.1 percent, to close at $103.59 on Monday. Oil has dropped 6.3 percent since closing at a two-year high of $110.53 on Sept. 6.

Some analysts said that apparent diplomatic progress over the elimination of Syria's chemical weapons and a seeming thaw in relations between Iran and Western powers were easing fears of a potential disruption in oil supplies.

The U.S. had threatened to attack Syria in retaliation for an alleged chemical gas attack against civilians. But the Obama administration has since said diplomats would be given a chance to convince Syrians to turn over their chemical weapons before deploying military force.

Carl Larry of Oil Outlooks and Opinions said "too much faith" was being put in Iran, which has agreed to participate in talks about its nuclear program with the U.S. and five other countries later this week at the U.N. The talks will be the highest level contacts between the U.S. and Iran in six years.

He said oil is likely to return to recent highs around $110 a barrel.

"This move lower will continue to fade," Larry said in a market commentary. "Make no mistake, oil prices will come back to the norm."

Brent crude, the benchmark for international crudes used by many U.S. refineries, fell 41 cents to $107.75 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 1.3 cents to $2.602 per gallon.

— Natural gas lost 0.3 cent to $3.599 per 1,000 cubic feet.

— Heating oil retreated 1.7 cent to $2.94 per gallon.

Advertisement