Oil prices fell below USD 109 a barrel today after Damascus reacted favourably to a proposal to turn over its chemical weapons. Benchmark oil for October delivery fell 1.16 US Dollar per barrel to 108.36 US Dollars at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 1.01 US Dollar to close at 109.52 US Dollars a barrel on the Nymex yesterday.Brent, the benchmark for international crudes, dropped 1.03 US Dollar to 112.69 US Dollars per barrel on the ICE Futures exchange in London.Oil prices have risen sharply in recent days following President Barack Obama's call for military action against thegovernment of Syrian President Bashar Assad in retaliation for what the White House says was a chemical weapons attackagainst civilians.
News On AIR | September 10, 2013 12:48 PM
Oil prices fall on Russia proposal to avert Syria strike