Oil hovers above $108 as US action on Syria looms
BANGKOK (AP) - The price of oil stayed above $108 (S$138 )a barrel on Wednesday after President Barack Obama secured the support of key US politicians for a retaliatory strike against Syria.
Benchmark oil for October delivery was down 30 cents to $108.24 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange.
Oil rose above $108 a barrel Tuesday as Obama won the support of key Republicans for military action against Syria.
The contract gained 89 cents, or 0.8 per cent, to close at $108.54 on the Nymex.