Oil prices drop on news Syria will give up chemical weapons

Crude oil prices fell sharply on news that the likelihood of a US military attack on Syria appeared to be lessening after Russia's proposal that the Syrian government give up its chemical weapons. Oil prices have been waffling since late August following the fatal use of chemical weapons on citizens in Syria, and the US government has blamed the Syrian government for the attack. Previously, US Sec. of State John Kerry suggested Syrian President Bashar al-Assad could avert an air strike on Syria by submitting chemical weapons to the international community to be destroyed.

The Russian government reportedly talked with officials in Damascus, and Syria's foreign minister has said Syria is prepared to accept Russia's proposal to take control of the country's chemical weapons. US President Barack Obama called the news from Syria "a potentially positive development."

Courtesy: Oil and Gas Journal