The price of oil dropped Wednesday after President Barack Obama said he asked U.S. lawmakers to postpone a vote authorizing the use of military force against Syria.
Obama, in a televised speech to the nation late Tuesday, said he wanted to give Syria a chance to turn over its chemical weapons before he asks Congress for consent to intervene in the country’s civil war.
Oil prices have been at elevated levels for two weeks following Obama’s call for action against the government of Syrian
Syria’s surprise announcement Tuesday that it would accept a Russian plan to turn over its chemical weapons stockpile raised the possibility of a resolution to the standoff between Obama and Assad and lowered tensions in oil markets.
Syria is not a major oil producer, but oil traders say the possibility of a wider conflict could interrupt production and shipping routes in the Middle East and cause prices to rise.