8 April 2024 - 10:34
  • News ID: 639691
Oil slides more than 1% as Middle East tensions ease

Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.

Brent crude futures dropped $1.42, or 1.6%, to $89.75 a barrel by 0430 GMT.

U.S. West Texas Intermediate crude was at $85.59 a barrel, down $1.32, or 1.5%, Reuters reported.

"It appears the catalyst is Israel saying it has withdrawn all troops except one brigade from the southern Gaza Strip, likely in response to growing international pressure and to deescalate tensions," IG market analyst Tony Sycamore said.

Israel and Hamas sent teams to Egypt for fresh talks on a potential ceasefire ahead of the Eid holidays, easing tensions in the Middle East that drove up oil prices by more than 4% last week on concerns of supply disruption.

News ID 639691


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