Oil rises on renewed supply concerns
Oil rises on renewed supply concerns Oil futures advanced on Thursday (September 27), on supply concerns ignited by a decline in crude inventories at a key Oklahoma terminal. The confrontation between the West and Iran added fuel to the worries. The U.S. is trying to raise support for new U.N. sanctions against Iran over its nuclear programs. November light, sweet crude jumped USD 2.58, to settle at USD 82.88 a barrel Thursday on the NYMEX, while October gasoline rose 6.65 cents, to settle at USD 2.0939 a gallon. Crude prices peaked near USD 84 a barrel last week before falling for several sessions. In other NYMEX trading, heating oil futures rose 6.95 cents, to settle at USD 2.2521 a gallon, while November natural gas fell 12.7 cents, to settle at USD 6.919 per 1,000 cubic feet. Natural gas inventories were higher compared to the prices last year. In London, November Brent crude rose USD 2.60, to settle at USD 80.03 a barrel on the ICE Futures exchange. At the pump, the average national price of a gallon of gas fell 0.2 cents, overnight to USD 2.811.
