Crude Oil Prices Down on Syria Deal
Oil prices fell in Asian trade today after a US-Russia deal on Syria’s chemical weapons averted a potential Western military strike on the Assad regime.
New York’s main contract, West Texas Intermediate for delivery in October, eased 86 cents to $107.35 in the afternoon trade, while Brent North Sea crude for November delivery declined 95 cents to $110.75.
US Secretary of State John Kerry and his Russian counterpart Sergei Lavrov had reached a breakthrough deal on Saturday following three days of talks in Geneva.
Under the agreement, Syrian President Bashar al-Assad’s regime has a week to hand over the details of the quantity and the location of its toxic arsenal.
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