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Commodities: Crude slips as clock ticks on Syria action

Crude oil futures fell on Wednesday as markets took the view that any military intervention in Syria could still some time to happen.

Crude oil for October delivery dropped $1.31 or 1.2% to settle at $107.23 a barrel on the New York Mercantile Exchange after the Senate Foreign Relations Committee said it would delay its vote on a draft resolution of military action in Syria after lawmakers opposed taking action.

After the Nymex closed however the SFRC approved a resolution, giving the go-ahead for Barack Obama’s administration to use military force against the Syrian government after what it believes were chemical attacks against Syrian civilians.

The resolution still needs to be approved by the full Senate and House in order for military force to be used.

Elsewhere London rival Brent crude slipped 77 cents or 0.7% to $114.91 a barrel on the ICE futures exchange.

Gold futures tumbled to a two-week low on Wednesday as investors kept a close eye on developments over Syria.

Gold for December delivery lost $22 or 1.6% to settle at $1,390 an ounce on the Comex division of the New York Mercantile Exchange.

CJ

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