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Oil falls 2 percent on Syria diplomatic efforts
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Oil dropped nearly 2 percent yesterday as support grew behind a plan for Syria to cede possession of its chemical weapons and avoid a military strike by the US.
US benchmark oil for October delivery fell US$2.13, or 1.9 percent, to close at US$107.39 a barrel on the New York Mercantile Exchange. It was the biggest one-day decline in three weeks.
Oil prices have been at elevated levels for two weeks following President Barack Obama's call for military action against the government of Syrian President Bashar Assad in retaliation for what the White House says was a chemical weapons attack against civilians.
But yesterday a diplomatic solution seemed at hand after Syria said it had accepted a deal pushed by Russia — and based on comments by US Secretary of State John Kerry — to put its chemical weapons under international control for their later dismantling.
Obama threw his support behind a French resolution to the UN Security Council even as he pushed the idea of US airstrikes against Assad's regime if that effort fails.
As the Syrian situation develops, traders will be also monitoring fresh information on US stockpiles of crude and refined products.
Data for the week ending Sept. 6 are expected to show declines of 2 million barrels in crude oil stocks and 1 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.
Brent, the benchmark for international crudes, dropped US$2.47, or 2.2 percent, to US$111.25 per barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline fell 7 cents to US$2.74 per gallon.
— Natural gas lost 2 cents to US$3.58 per 1,000 cubic feet.
— Heating oil retreated 5 cents to US$3.07 per gallon.
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