The price of oil fell to near $108 a barrel Friday after British lawmakers refused to approve military action against Syria, easing concerns about international intervention in the country's civil war.
By early afternoon in Europe, benchmark oil for October delivery was down 77 cents to $108.03 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.30 to close at $108.80 a barrel on Thursday.
Britain's parliament on Thursday refused to go along with Prime Minister David Cameron's plan to intervene in Syria, whose government is suspected of a chemical weapons attack earlier this month that killed more than 300 civilians.
Another hurdle in forming an international coalition to undertake a military strike against Syria took place at the U.N., when Russia blocked British efforts to force a resolution approving action.
Syria is not a major oil producer but a widening conflict there could affect major producers in the region or disrupt supply routes.