WTI Trades Near Month Low as Russia Rejects Syrian Strike Option

West Texas Intermediate crude fluctuated after closing at the lowest level in a month as Russia moved to block any United Nations resolution threatening force against Syria, dimming speculation that strikes will lead to Middle East supply disruptions.

Futures were little changed after a 1.6 percent slide on Sept. 20 capped a second weekly loss. A U.S.-European plan to include enforcement in any agreement on Syrian chemical weapons disarmament is “irresponsible and unprofessional,” Russian Foreign Minister Sergei Lavrov said in an interview published yesterday. Prices fluctuated before data that’s forecast to show expansion in Chinese and European manufacturing.

WTI for November delivery fell as much as 33 cents to $104.42 a barrel in electronic trading on the New York Mercantile Exchange and was at $104.67 a barrel at 9:07 a.m. Singapore time. The October contract, which expired Sept. 20, closed at $104.67 a barrel, the lowest settlement since Aug. 21. The volume of all futures traded was about 44 percent below the 100-day average.

(Source: Bloomberg)