Oil prices, which have shot up in recent days over the threat of a U.S. strike against Syria, dropped below $108 a barrel Tuesday after Damascus said it would go along with a proposal to turn over its chemical weapons.
By early afternoon in Europe, benchmark oil for October delivery was down $1.87 to $107.65 a barrel in electronic trading on the New York Mercantile Exchange. On Monday, the Nymex contract fell $1.01 to close at $109.52 a barrel.
Oil prices have risen sharply in recent days following President Barack Obama's call for military action against the government of Syrian President Bashar Assad in retaliation for what the White House says was a chemical weapons attack against civilians.
But on Tuesday, a diplomatic solution seemed at hand after Syria said it had accepted a deal pushed by Russia — and based on comments by U.S. Secretary of State John Kerry — to put its chemical weapons under international control for their later dismantling.
Syrian Foreign Minister Walid al-Moallem said Tuesday in Moscow that his government had agreed to the Russian initiative to "derail the U.S. aggression."
Later Tuesday, Obama will meet with senators on Capitol Hill to discuss developments regarding Syria and also plans to make a nationally televised speech from the White House about the issue.
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