West Texas Intermediate crude fell to the lowest level in more than six weeks on speculation that U.S.-Iranian relations are thawing and as the threat of an American military strike on Syria ebbs.
Futures dropped as much as 1.2 percent amid the possibility of contact between President Barack Obama and Iran’s Hassan Rohani at the United Nations General Assembly today in New York. Any interaction would be a significant symbol of a shift in relations between the countries. The UN Security Council is working toward an agreement to disarm Syria’s chemical weapons.
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