West Texas Intermediate crude fell the most in three weeks as Syria agreed to a Russian plan to surrender its chemical weapons, easing concern that the conflict will escalate and disrupt oil shipments from the Middle East.
Futures tumbled 1.9 percent as France said it will submit a proposal to the United Nations to confiscate Syria’s chemical weapons. Bashar al-Assad’s government accepted the Russian plan. U.S. Secretary of State John Kerry said the threat of a U.S. military strike against Syria is needed to spur a potential diplomatic outcome. President Barack Obama will outline his case for action in a televised address tonight.
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