Crude markets start the week with a drop as theUnited States and Russia came to an agreement on the framework of a deal that calls for Syria to turn its chemical weapons over to international authorities.
The resolution calls for President Bashar al-Assad to declare Syria's chemical weapons by the end of the week.
News of the agreement pushed prices lower as investors' concerns about supply disruptions were greatly eased.
Any fears of military strikes in the near term have been greatly reduced, allowing fundamentals to play a bit larger of a role in prices.Prices received some further pressure as Libya's state news agency reported that production at the country's El Feel and Sharara oil fields had resumed.
As more of Libya's export terminals come back online, it will allow more oil to flow into the marketplace.
Investors are now looking to this weeks EIAinventory report for an idea of supply & demand in the states and will also follow the upcoming Fed meeting for a sign of possible stimulus tapering.
WTI dropped $1.62, settling at $106.59/bbl, while the Brent November contract decreased $1.63 to settle at $110.07. Bunker prices were soft in the primary ports.