Crude Falls to Near Four-Week Low as Syria Risk Wanes
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West Texas Intermediate crude fell to the lowest level in almost four weeks as a U.S. agreement with Russia to eliminate Syria’s chemical weapons reduced supply risk and on speculation that the Federal Reserve will start tapering stimulus measures.
Prices slid for a third day. Secretary of State John Kerry said the U.S. isn’t softening its opposition to Syrian President Bashar al-Assad by making a diplomatic deal. Fed policy makers meeting today and tomorrow may pare the monthly pace of bond purchases used to bolster the economy. Crude also decreased as Libya opened two oil-export ports.