TOKYO: Oil prices Early trading in Asia eased on Monday, ending last Friday’s rally as investors waited to see if the Israel-Hamas conflict would affect other countries, which could further push up prices and deliver another blow could harm the global economy.
Brent futures fell 36 cents, or 0.4%, to $90.53 a barrel and U.S. West Texas Intermediate (WTICrude oil fell 37 cents, or 0.4%, to $87.32 a barrel by 2215 GMT on Sunday.
Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of broader conflict in the Middle East.
Brent also posted a weekly gain of 7.5%, its biggest gain since February. WTI rose 5.9% this week.
The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a major producer.
But investors and market watchers are assessing how the conflict could escalate and what it could mean for supplies from nearby countries in the world’s largest oil-producing region.
Israeli Prime Minister Benjamin Netanyahu vowed Sunday to destroy Hamas as his forces prepare to enter the Gaza Strip in search of Hamas militants whose deadly rampage through Israeli border towns shocked the world.
Conditions deteriorated in Gaza’s narrow and crowded streets as the number of deaths from Israeli airstrikes increased. Bodies were stored in ice cream trucks because moving them to hospitals was too risky and cemeteries were full.
As fears of the conflict continue to spread, US Secretary of State Antony Blinken continued his tour of Middle Eastern states in an effort to prevent escalation and secure the release of 155 hostages Israel says are being held by Hamas were returned to Gaza.
Brent futures fell 36 cents, or 0.4%, to $90.53 a barrel and U.S. West Texas Intermediate (WTICrude oil fell 37 cents, or 0.4%, to $87.32 a barrel by 2215 GMT on Sunday.
Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of broader conflict in the Middle East.
Brent also posted a weekly gain of 7.5%, its biggest gain since February. WTI rose 5.9% this week.
The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a major producer.
But investors and market watchers are assessing how the conflict could escalate and what it could mean for supplies from nearby countries in the world’s largest oil-producing region.
Israeli Prime Minister Benjamin Netanyahu vowed Sunday to destroy Hamas as his forces prepare to enter the Gaza Strip in search of Hamas militants whose deadly rampage through Israeli border towns shocked the world.
Conditions deteriorated in Gaza’s narrow and crowded streets as the number of deaths from Israeli airstrikes increased. Bodies were stored in ice cream trucks because moving them to hospitals was too risky and cemeteries were full.
As fears of the conflict continue to spread, US Secretary of State Antony Blinken continued his tour of Middle Eastern states in an effort to prevent escalation and secure the release of 155 hostages Israel says are being held by Hamas were returned to Gaza.
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