Oil down as Obama seeks Congress approval on Syria
SINGAPORE (AFP) - Oil prices fell in Asian trade Monday after United States President Barack Obama's announcement that he would seek approval from lawmakers for military action against Syria eased prospects of an imminent strike, analysts said.
New York's main contract, West Texas Intermediate for delivery in October, was down US$1.47 to US$106.18 (S$135.34) a barrel in mid-morning trade, while Brent North Sea crude for October fell US$1.15 to US$112.86.
US markets will be closed Monday for the Labor Day federal holiday.
"Investors are sitting back for now after President Obama's decision to take the decision on a Syrian intervention to US lawmakers," Mr Desmond Chua, market analyst at CMC Markets in Singapore, told AFP.