Crude sinks as Syria effect wanes; US oil ends under $107
Global oil prices fell on Monday, with U.S. crude sinking below $107 after U.S. and Russian officials reached a weekend deal to remove Syria's chemical weapons, easing investor worries.
Iran's new atomic energy chief said his country wanted to settle a decade-old nuclear dispute with the West, and this also pressured oil prices.
U.S. President Barack Obama said he would retain the military option if Damascus fails to follow a U.N. disarmament plan drawn up by Washington and Moscow. After the deal was announced on Sunday, Syrian warplanes and artillery bombarded rebel suburbs of the capital.
Brent crude for delivery in November plunged by nearly $1.50, trading near $110 per barrel, its weakest since Aug. 23. The October contract expired on Friday, settling at $112.78.
Brent crude has fallen by $7 since reaching a six-month high of $117.34 a barrel in late August amid worries about a possible U.S. military strike against Syria and unrest in Libya that sent production there to a post-war low of 150,000 barrels per day.
U.S. oil for October delivery settled down $1.62, trading near $106.59 a barrel.
For more information on commodities prices, please click here.