Brent crude’s value dropped today due to a meeting of US and Russian foreign ministers in Geneva to work out a deal to avert a Western military strike on Syria.

Brent crude was down by 90 cents at $111.73, while US oil was down by $1.29 to a low of $107.31, reported Reuters.

Initially expectations of a US strike against Syria pushed up prices.

However, the US Secretary of State started talks with Russia on the latter’s plan for Syria to surrender its chemical weapons; nevertheless, the official emphasised that military force may still be needed, if diplomacy fails.

Libya’s state-run Noc said in a statement that the country has declared force majeure on three ports because of ongoing strikes.

Markets are now waiting for key data, including US retail sales, which are expected to provide some clues on the central bank’s bond-buying programme.

Although a reduction is expected in the bank’s $85bn a month bond-buying programme at its next monetary meeting, weaker-than-expected data increased uncertainty among investors about its extent.

Image: Prices were supported by Libya and North Sea supply concerns. Image courtesy of Rawich.

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