Crude oil slumps on Syria deal; soybeans fall

9/16/2013 2:30 PM
By Associated Press

Oil prices fell Monday after a deal between the U.S. and Russia over getting rid of Syria's chemical weapons.

Crop prices fell, led by soybeans, while metals prices ended mostly higher.

Crude oil for October delivery fell $1.62 to $106.59 a barrel in New York.

Oil prices fell because the deal between America and Russia reduces the chance of U.S. military action in Syria and the possible spread of violence in Middle East, which could disrupt the flow of oil.

In other energy trading, wholesale gasoline fell 5.3 cents to $2.717 per gallon, natural gas rose 6.1 cents to $3.738 per 1,000 cubic feet and heating oil fell 5 cents to $3.064 per gallon.

Soybeans for November delivery fell 33.25 cents to $13.4825 a bushel.

Other agricultural futures also closed lower. December corn fell 2.5 cents to $4.565 a bushel and December wheat edged down 0.25 cent to $6.4125 a bushel.

Gold for December delivery rose $9.20 to $1,317.80 an ounce. December silver rose 28.9 cents to $22.009 an ounce.

Other metals prices were mixed.

December copper rose 1.85 cent to $3.222 a pound. October platinum fell $3.30 to $1,441.20 an ounce and December palladium edged up $6.95 to $706.05 an ounce.


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10/20/2014 | Last Updated: 5:30 PM