Crude oil prices volatile on session

Crude oil prices were down in afternoon trade in New York after going as high as $121.78 per barrel earlier on the news that an oil pipeline in Turkey, damaged in a recent explosion, could be closed for as long as two weeks.

Concerns were heightened after a pro-Kurdish news organization said that the Kurdistan Workers’ Party had claimed responsibility for the explosion and resulting fire.

There were also new tensions over the Iran situation as the five permanent members of the UN Security Council and German agreed to pursue further sanctions against Iran as it continues to refuse to halt its uranium enrichment program.

Despite all of this, at around 1:30 p.m. in New York September contracts for West Texas Intermediate crude had dropped 15 cents from Wednesday’s close to trade at $118.47 per barrel on the New York Mercantile Exchange.

Brent crude for September delivery, however, had added 16 cents to $117.16 per barrel at last report.

In afternoon trade, September Nymex gasoline was up 5 cents to $3 per gallon while September heating oil was 2 cents lower to $3.22 per gallon and September natural gas had gained 7 cents to $8.84 per million British thermal units.