BUSINESS

Oil rises as tension increases between Syria, Israel; 3rd day of gains for crude

05/06/2013 10:46 EDT | Updated 07/06/2013 05:12 EDT
The price of oil edged higher Monday as tension increased between Syria and Israel.

The benchmark oil contract for June delivery rose 55 cents to close at US$96.16 per barrel on the New York Mercantile Exchange. It was the third straight day of gains for oil, and the first close above $96 since April 2.

Prices rose early Monday on news of an Israeli military strike in Syria, raising concern of an expansion in conflict in the oil-rich Middle East. The price fell back below $95 before rising again late in the day.

Brent crude, which is the benchmark for international oil varieties and more susceptible to news from the Middle East, gained $1.27 to $105.46 per barrel on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline rose four cents to $2.87 a gallon.

— Heating oil rose four cents to $2.92 a gallon.

— Natural gas fell three cents to $4.01 per 1,000 cubic feet.

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