Crude Ticks Lower as Syria Agrees to Russian Proposal (USO) (OIL)
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United States Oil Fund LP (NYSE: USO) and iPath S&P GSCI Crude Oil Total Return (NYSE: OIL) are both lower Tuesday as tensions in the Middle East appear to be easing.
Earlier, Syria said it was willing to comply with a Russian proposal that called for the country to turn its chemical weapons stockpile over to international control to avoid U.S. military action.
Syrian Foreign Minister Walid al-Moallem and Russian Foreign Minister Sergei Lavrov will work to hammer out a solid plan of action. The plan will then be submitted to all interested parties.
In response, the White House said it was a positive development that came about as "a direct result of the threat of U.S. military force." The cabinet will remain skeptical until the plan is submitted and Syria commits to disarming is chemical weapon stockpiles.
On today's news, October crude contracts are down $2.76 to $106.76 per barrel on the Comex.
Earlier, Syria said it was willing to comply with a Russian proposal that called for the country to turn its chemical weapons stockpile over to international control to avoid U.S. military action.
Syrian Foreign Minister Walid al-Moallem and Russian Foreign Minister Sergei Lavrov will work to hammer out a solid plan of action. The plan will then be submitted to all interested parties.
In response, the White House said it was a positive development that came about as "a direct result of the threat of U.S. military force." The cabinet will remain skeptical until the plan is submitted and Syria commits to disarming is chemical weapon stockpiles.
On today's news, October crude contracts are down $2.76 to $106.76 per barrel on the Comex.
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