Tuesday 10 September 2013

WTI Falls as Russia’s Syria Proposal Eases Supply Concern - Bloomberg

WTI Falls as Russia’s Syria Proposal Eases Supply Concern - Bloomberg:

"West Texas Intermediate crude dropped for a second day on reports Syria agreed to a Russian plan to surrender its chemical weapons, easing concern of a U.S. strike that may reduce Middle Eastern oil shipments.
Futures fell as much as 2.7 percent as France said it will submit a proposal to confiscate Syria’s chemical weapons to the United Nations. Interfax reported that Bashar al-Assad’s government accepted the Russian plan. President Barack Obama told NBC News yesterday that Russia’s motion is a “potentially positive development.” Obama will outline his intentions on Syria in a speech at 9 p.m. tonight in Washington.
“Oil is taking a big hit because the Russian proposal has raised the prospect that the U.S. can avoid a military strike on Syria,” said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. in New York. “The Russian proposal has had a dramatic impact. Everyone in the market is waiting to see what the president will say this evening.”"

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