Oil prices fell Tuesday as Syria agreed to surrender its chemical weapons, easing concerns that a possible U.S.-led military attack will disrupt Middle East oil exports.
A potential military strike against Syria triggered widespread market concerns about oil supplies in the Middle East, a region which produces a third of world's crude, and sent oil prices higher last week.
Investors' worries waned after Russia made a proposal Monday, asking Syria to "place its chemical weapons stockpiles under international control so they can be destroyed."
Damascus responded positively to the proposal, with Syrian Foreign Minister Walid al-Moualem saying Tuesday in Moscow that his government had agreed to the Russian initiative.
U.S. President Barack Obama also threw his support behind the plan and asked Democratic senators to delay a vote on authorizing military strikes against Syria to allow time for talks on eliminating the country's chemical weapons.
On the economic front, U.S. small business optimism remained little changed in August, dropping 0.1 from July to 94.0.
Light, sweet crude for October delivery moved down 2.13 U.S. dollars to 107.39 dollars a barrel on the New York Mercantile Exchange.
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