Oil Falls as Syria Proposal Puts America Strike Off The Agenda

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.

via Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza