NYMEX-U.S. crude falls below $108 after U.S.-Russia deal on Syria
SINGAPORE, Sept 16 (Reuters) - U.S. crude oil futures dropped by more than a dollar to below $108 a barrel on Monday as supply concerns abated after the U.S. agreed to call off military action against Syria in a deal with Russia to remove President Bashar al-Assad's chemical weapons.
* U.S. crude for October delivery touched a session low of $106.76 a barrel. By 0047 GMT, it was down 66 cents at $107.55.
* Brent oil for delivery in November slipped 75 cents to $110.95 per barrel, after falling to as low as $110.25 earlier.
* Both West Texas Intermediate and Brent crude declined last week as the threat of a U.S. military strike against Syria ebbed, calming worries of the conflict spreading to big oil producers in the Middle East.
* U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov agreed over the weekend to back a nine-month U.N. programme to destroy Assad's chemical arsenal. Syria's government hailed the deal as a "victory" as Assad's jets and artillery hit rebel suburbs of the capital again on Sunday.
* The decline in oil prices came despite the weakness in the dollar which typically makes dollar-denominated assets cheaper for holders of other currencies.
* The dollar fell after Lawrence Summers, a former top aide to President Barack Obama and Treasury secretary under President Bill Clinton, withdrew from consideration to succeed Federal Reserve Chairman Ben Bernanke, after liberal pressure soured his confirmation prospects.
* Asian oil importers looking for more supplies to help dampen rising fuel costs received short shrift from the world's top producers at a meeting in Seoul last week. Asian energy ministers are divided between exporters enjoying bumper revenues on one side and importers on the other struggling to pay for the oil and gas that fuels their economies.
* Gains from ferrying more West African crude to the U.S. East Coast are proving limited for oil tanker operators such as Nordic American Tankers Ltd, even as some refiners consider processing more foreign crude in place of domestic oil.
* Asian shares rallied after Summers dropped from the race to be head of the Federal Reserve, while progress on Syria also shored up risk appetite.
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(Reporting by Manolo Serapio Jr.; Editing by Michael Perry)