TOKYO: Oil prices relaxed on Monday aid convoys The country arrived in the Gaza Strip this weekend, amid diplomatic efforts to prevent a conflict between Israel and the Palestinian Islamist group Hamas from spreading into the wider oil-rich region.
Brent crude futures fell 60 cents to $91.56 a barrel and US West Texas Intermediate crude futures lost 61 cents to trade at $87.47 a barrel at 0038 GMT.
Last week, contracts rose more than 1% for the second straight week on fears of a possible supply disruption if the war between Israel and Hamas turned into a broader confrontation in the Middle East, the world’s largest oil-supplying region .
“Israel agreed to delay its attack on Hamas under US pressure,” ANZ Research said in a client note. “This allayed concerns that the war between Israel and Hamas would spread across the Middle East and disrupt supplies.”
To ease supply pressures – which were already tight due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and affiliates including Russia, the US is suspending sanctions on OPEC member Venezuela after a Venezuelan government had made a deal with the opposition.
Aid convoys arrived in the Gaza Strip from Egypt this weekend as Arab leaders and foreign ministers gathered for a summit in Cairo that failed to produce a joint statement.
US President Joe Biden, who visited Israel last week, held phone calls on Sunday with the leaders of Canada, France, Britain, Germany and Italy, after a meeting with Israeli Prime Minister Benjamin Netanyahu and Pope Francis.
Leaders of France and the Netherlands will visit Israel this week in search of a solution to the conflict that arose after a Hamas attack on October 7. According to the latest developments, Israel has bombed Gaza with airstrikes and its planes have hit Lebanon.
Brent crude futures fell 60 cents to $91.56 a barrel and US West Texas Intermediate crude futures lost 61 cents to trade at $87.47 a barrel at 0038 GMT.
Last week, contracts rose more than 1% for the second straight week on fears of a possible supply disruption if the war between Israel and Hamas turned into a broader confrontation in the Middle East, the world’s largest oil-supplying region .
“Israel agreed to delay its attack on Hamas under US pressure,” ANZ Research said in a client note. “This allayed concerns that the war between Israel and Hamas would spread across the Middle East and disrupt supplies.”
To ease supply pressures – which were already tight due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and affiliates including Russia, the US is suspending sanctions on OPEC member Venezuela after a Venezuelan government had made a deal with the opposition.
Aid convoys arrived in the Gaza Strip from Egypt this weekend as Arab leaders and foreign ministers gathered for a summit in Cairo that failed to produce a joint statement.
US President Joe Biden, who visited Israel last week, held phone calls on Sunday with the leaders of Canada, France, Britain, Germany and Italy, after a meeting with Israeli Prime Minister Benjamin Netanyahu and Pope Francis.
Leaders of France and the Netherlands will visit Israel this week in search of a solution to the conflict that arose after a Hamas attack on October 7. According to the latest developments, Israel has bombed Gaza with airstrikes and its planes have hit Lebanon.
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