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Crude oil slumps on Syria deal; soybeans fall

September 16, 2013

NEW YORK (AP) — Oil prices are lower after a deal between the U.S. and Russia over getting rid of Syria’s chemical weapons.

Crop prices fell, led by soybeans, while metals prices ended mostly higher Monday.

Crude oil for October delivery fell $1.62 to $106.59 a barrel in New York.

Oil prices fell because the deal between America and Russia reduces the chance of U.S. military action in Syria and the possible spread of violence in Middle East, which could disrupt the flow of oil.

Soybeans for November delivery fell 33.25 cents to $13.4825 a bushel.

Other agricultural futures also closed lower. December corn fell 2.5 cents to $4.565 a bushel and December wheat edged down 0.25 cent to $6.4125 a bushel.

Gold for December delivery rose $9.20 to $1,317.80 an ounce.

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