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UK Rejects Attack on Syria, Precious Metals & Crude Slump

August 30, 2013 at 2:22 by Vladimir Vyun

Precious metals and crude oil dropped today as probability of war in Syria decreased after UK lawmakers rejected an attack on the Middle Eastern country. The United States wants their allies to join the potential conflict to mitigate the impact of a war on the US public image. Without involvement of the Great Britain, it is much less likely that an attack will happen this weekend. It does not mean that military actions will not occur, only that they will not happen right now.

Previously, oil rallied on concerns that tensions in Middle East will hurt oil supply. Precious metals performed not as well, but were generally supported by uncertainty and fears too. As chances for conflict diminished, so the commodities fell.

October futures for delivery of crude oil sank as much as $1.52 (1.4 percent) to $107.28 per barrel as of 2:16 GMT today on NYMEX. Contract for Brent grade of crude slid $1.24 (1.08 percent) to $113.92 per barrel on ICE. December futures for gold dipped $5.3 (0.38 percent) to $1,407.6 per troy ounce on COMEX. Silver lost $0.24 (0.99 percent) to $23.9 per ounce.

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