Oil prices retreat on profit-taking in New York

Oil prices dropped Wednesday on profit-taking as the United States debated a military strike on Syria. U.S. President Barack Obama said in Stockholm on Wednesday that the "international community's credibility is on the line," a day after he garnered more support from Congressional leaders for launching a strike against Syria. The U.S. Senate Foreign Relations Committee reached an agreement late Tuesday on a revised resolution on authorizing military action in Syria. The Senate committee's vote on Wednesday will provide the first test of congressional support for Obama's request for authority to conduct a military strike against Syria. Despite ongoing concerns about Syria, the oil market lost momentum somewhat after gains in recent weeks. The possibility of a military strike against the Syrian government triggered concerns over oil supplies in the Middle East, where one-third of the world 's crude is pumped, and drove oil prices higher. Meanwhile, Russian President Vladimir Putin on Wednesday warned against any U.S. military action on Syria without UN approval. Crude moved lower as market believed the strike against Syria would remain limited, easing fears of supply disruptions in the Middle East. Light, sweet crude for October delivery moved down 1.31 U.S. dollars to settle at 107.23 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery lost 0.77 dollar to close at 114.91 dollars a barrel.