West Texas Intermediate fell from a two-year high as the prospect of imminent attacks on Syria receded and as better-than-expected U.S. economic data raised speculation that the Federal Reserve will taper its stimulus.
Prices dropped as much as 1.4 percent as the U.K. and France said they favor waiting for the results of a United Nations investigation into Syria’s alleged use of chemical weapons. The U.S. economy expanded at a faster pace in the second quarter and first-time jobless claims fell more than forecast last week, raising speculation the Fed will reduce its $85 billion monthly bond buying in September.
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