NYMEX-Crude falls below $109 as Russia plan may avoid Syria strike
SINGAPORE, Sept 9 (Reuters) - U.S. crude oil futures fell more than a dollar to below $109 a barrel on Tuesday as supply fears eased after Russia offered to help put Syria's chemical weapons under international control, easing fears of an imminent strike against the country.
West Texas Intermediate oil rose to more than two-year highs above $112 in late August on concerns that a possible U.S.-led military strike against Syria may disrupt supplies from the Middle East.
* U.S. crude for October delivery fell as low as $108.21 a barrel in early Tuesday deals. By 0037 GMT, it was down 90 cents at $108.62.
* Brent oil dropped 88 cents to $112.84 per barrel. It fell 2.1 percent on Monday, its steepest single-day decline since June 20.
* The White House will closely examine Russia's offer to work with Syria to put its chemical weapons under international control but the U.S. Congress should still back military action to keep pressure on Damascus, a top aide said.
* U.S. President Barack Obama, who said the Russian plan could potentially be a significantly breakthrough, is slated to address the American people on Tuesday night and is due to speak to lawmakers during the day.
* Egypt has tightened control of crossings from the Sinai after an Islamist militant group based in the peninsula said it tried to kill the interior minister in Cairo last week.
* Malaysian oil company Petronas is exiting one of the biggest petroleum projects in Venezuela's Orinoco belt after disagreements with state-run PDVSA, sources said.
* U.S. commercial crude oil and gasoline inventories likely fell last week, while distillate stocks may have risen, an initial Reuters poll of analysts showed. Industry group American Petroleum Institute will release its weekly inventory report on Tuesday and the U.S. Energy Information Administration will issue its own stockpile data on Wednesday.
* The euro held firm against the U.S. dollar as risk appetite ticked up after a Russian proposal on Syria raised the chance that a U.S. military strike would be delayed or averted.
0530 China Industrial output
0530 China Retail sales
0530 China Urban investment
0645 France Industrial output
1130 U.S. NFIB business optimism
1145 U.S. ICSC weekly chain store sales
2030 U.S. API weekly crude stocks
(Reporting by Manolo Serapio Jr.; Editing by Richard Pullin)