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US oil ends near $107; Syria doubts overwhelm gains

Reuters with CNBC.com
Tuesday, 10 Sep 2013 | 2:37 PM ET

Oil prices slid more than $2 a barrel on Tuesday, with U.S. oil ending the session sharply lower, as Syria accepted a Russian proposal to give up its chemical weapons, which made investors less nervous about the potential for U.S. military strikes against Damascus.

Brent tumbled toward its largest two-day drop since June after Russia said it was working with Syria on an "effective, clear, concrete" plan to put Syria's chemical weapons under international control.

The potential diplomatic breakthrough put the brakes on a planned vote in the U.S. Congress on the authorization of military force as lawmakers and the administration sought more time to assess Russia's proposal to put Syria's chemical weapons under international control.



Brent oil for October delivery fell $2.50 to trade above $111 per barrel, after hitting its weakest level since Aug. 26.


U.S. crude settled $2.13 lower to end at $107.39. Intra-day, the contract had lost more than $3 to hit a session low of $106.39.

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