MARKET WATCH: Oil prices rise modestly on talk of disarming Syria

Oil prices rose moderately on New York and London markets on Sept. 11, the day after US President Barack Obama said he will consider a Russian proposal in which Syria turns over its chemical weapons to the international community to be destroyed.

A final agreement and details about how Syria might comply have yet to be determined. Meanwhile, a potential US-led air strike on Syria has been put on hold pending negotiations about how and when Syria would turn over its weapons to United Nations inspectors.

Russian Foreign Minister Sergei Lavrov and US Sec. of State John Kerry planned to meet in Geneva Sept. 12 to discuss plans for Syria to surrender its chemical weapons.

Energy prices

The October contract for benchmark US light, sweet crudes on the New York Mercantile Exchange gained 17¢ on Sept. 11, settling at $107.56/bbl. The November crude contract added 15¢ to end the trading session at $106.64/bbl.

Heating oil for October delivery edged up by 0.5¢ to hold steady at a rounded $3.07/gal on NYMEX. Reformulated gasoline stock for oxygenate blending for October declined 2.35¢ to a rounded $2.71/gal.

The October natural gas contract dropped 1.7¢ to close at a rounded $3.57/MMbtu on NYMEX. On the US spot market, the gas price at Henry Hub, La. was a rounded $3.60/MMbtu, marking a 3¢ drop from the Sept. 10 closing.

In London, the October IPE contract for North Sea Brent crude rose 25¢ to $111.50/bbl. The September contract for gas oil settled at $943.50/tonne, up $4.75 from the previous session.

The Organization of Petroleum Exporting Countries reported its basket of 12 benchmark crudes climbed 14¢ to $109.40/bbl on Sept. 11.

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