Oil Declines 0.7% From Two-Year High

Oil fell 0.7% from a two-year high in early trading Sept. 9 as President Obama struggled to push for a military strike against Syria, Bloomberg News reported.

Oil dropped 77 cents to $109.76 a barrel, on the New York Mercantile Exchange from the highest settlement since May 3, 2011, according to Bloomberg.

Oil had risen to $110.53, a two-year high, Sept. 6 as Russian President Vladimir Putin said his country will assist Syria if it is attacked, Bloomberg News reported.

The Middle East accounted for about 35% of global oil output in the first quarter of the year, Bloomberg reported, citing International Energy Agency data. Syria, which pumps limited amounts of crude, borders Iraq, the biggest OPEC producer after Saudi Arabia.

The Department of Energy will release its weekly survey of pump prices Monday afternoon in Washington.