Fading Syria worries send oil, gold prices lower

AP News
Posted: Sep 10, 2013 5:41 PM

Prices for crude oil and gold ended lower Tuesday after Syria made concessions that could defuse the showdown over its chemical weapons.

Oil fell $2.13, or 2 percent, to $107.39 a barrel. It had traded over $110 a barrel on Friday.

The price of oil has been rising for two weeks following President Barack Obama's call for military action against Syria because of its alleged use of chemical weapons against civilians. By Tuesday, the tensions had faded after Syria accepted a proposal from Russia that the country give up its chemical weapons.

In other energy futures trading, wholesale gasoline fell 7 cents to $2.74 per gallon, natural gas lost 2 cents to $3.58 per 1,000 cubic feet and heating oil retreated 5 cents to $3.07 per gallon.

Gold fell $22.70, or 1.6 percent, to $1,364 an ounce its appeal as a safe-haven investment faded. Silver fell 70.1 cents, or 3 percent, to $23.016 an ounce.

In other metals trading, December copper fell 1.55 cents to $3.2625 a pound.

October platinum fell $8.90 to $1,474.10 an ounce and December palladium rose $9.65 to $692.65 an ounce.

Corn and wheat rose; soybeans fell.

December wheat rose 5.25 cents to $6.465 a bushel. December corn rose 5.5 cents to $4.69 a bushel and November soybeans fell 1.5 cents to $13.55 a bushel.