Oil Closes Over $108 a Barrel
Oil finished trading at $108.54 a barrel Sept. 3, rising 89 cents as President Obama seeks support for a military strike on Syria, Bloomberg News reported.
Oil topped out at $110.10 a barrel last week, the highest Nymex closing price since May 2011. The Nymex was closed Sept. 2 for Labor Day.
The Middle East accounted for about 35% of global oil output in the first quarter of the year, Bloomberg reported, citing International Energy Agency data. Syria, which pumps limited amounts of crude, borders Iraq, the biggest OPEC producer after Saudi Arabia.
Diesel took its biggest increase since February, rising 6.8 cents to a five-month high $3.981 a gallon, the Department of Energy reported Sept. 3.
