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Oil gains as Syria-Turkey tensions rise; ends at $91.71

Oil rose to $89.31 a barrel, a jump of $1.17, or 1.3 percent, in morning trading on the New York Mercantile Exchange.

The Associated Press

10/4/2012

The price of oil rose Thursday after tensions rose between Syria and Turkey.

Benchmark oil rose $3.57 to end at $91.71 per barrel, heating oil rose 12.2 cents to $3.1884 per gallon and natural gas rose 1.1 cents to $3.406 per 1,000 cubic feet. Wholesale gasoline jumped 14.34 cents, or 5.1 percent, to $2.9429 per gallon.

Thursday's rise follows a steep decline of 4 percent on Wednesday.

The increase in prices came as Turkey's military fired on targets in Syria for the second day. Prices also got a boost from economic reports showing improvement in the U.S. services sector, and a modest gain in private sector hiring.

Brent crude, which is used to price international varieties of oil, was up $1.44 to $109.61 a barrel in London.

In other energy futures trading in New York:

— Natural gas rose 0.2 cent to $3.41per 1,000 cubic feet. It had slightly larger gains earlier in the morning, but gave them up when a government report showed that more gas went into storage last week than analysts had expected.

— Heating oil advanced 4.2 cents to $3.108 per gallon.

— Wholesale gasoline rose 7.5 cents to $2.8740 per gallon.

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