"The oil price should not fall any further, as this is precluded above all by the ongoing risks to supply due to the geopolitical tensions in the Middle East," said a report from Commerzbank in Frankfurt. "Alongside Egypt, Syria, Gaza and Iran all remain latent trouble spots, thus justifying a risk premium on the oil price."
In a commodities report, Goldman Sachs forecast the average price for benchmark crude in 2013 at $105.50 per barrel and at $99 per barrel in 2014.
In other energy futures trading on the Nymex:
— Heating oil rose 0.22 cent to $2.9929 a gallon.
— Natural gas added 1.8 cents to $3.718 per 1,000 cubic feet.
— Wholesale gasoline was up 0.74 cent to $2.6452 a gallon.
Pamela Sampson in Bangkok contributed to this report.