IV:Crude prices fall as U.S., Russia strike deal to disarm Syria
Investing.com - Crude oil futures fell on Monday after the U.S. and Russia over the weekend struck a deal to remove chemical weapons from Syria.
On the New York Mercantile Exchange, light sweet crude futures for delivery in November traded at USD106.48 a barrel during U.S. trading, down 0.99%.
The November contract settled down 0.19% at USD107.54 a barrel on Friday.
The commodity hit a session low of USD105.60 and a high of USD107.30.
Prices fell after the U.S. and Russia agreed over the weekend on terms to dismantle Syria's chemical weapons cache.
Both countries gave Syria one week to disclose its chemical weapons stockpiles, which will go undergo inspections by November.
A peaceful solution to the crisis lowered the chances of a U.S. military strike on Syria, which could have engulfed the broader oil-rich Middle East and threaten global supply.
Lacluster data out of the U.S. sent prices falling also.
The Federal Reserve Bank of New York reported earlier that its Empire State manufacturing index fell to a four-month low of 6.29 in September from 8.24 in August, defying analysts' calls for the index to rise to 9.20.
Separately, the Federal Reserve reported that U.S. industrial production advanced 0.4% in August after having been unchanged in July, in line with expectations.
Meanwhile on the ICE Futures Exchange, Brent oil futures for November delivery were down 1.35% at USD110.20 a barrel, up USD3.72 from its U.S. counterpart.
