2023-10-23 01:32:00
© Archyde.com. An oil pump crane works inside a field in Texas, United States, in a photo from Archyde.com archives.
TOKYO (Archyde.com) – The decline fell on Monday as aid convoys began arriving in the Gaza Strip over the weekend amid diplomatic efforts to contain the conflict between and the Palestinian Hamas movement and prevent it from spreading more widely in the oil-rich region.
Crude futures fell more than to $91.14 a barrel, and US West Texas Intermediate crude futures fell by more than a dollar to trade at $87.03 a barrel by 2:13 GMT.
Last week, contracts rose by more than 1 percent in their second weekly jump in a row, amid fears of a possible supply disruption if the war between Israel and Hamas develops into a broader confrontation in the Middle East, the largest oil supply region in the world.
“Israel agreed to postpone its (ground) attack on Hamas after pressure from the United States,” ANZ Research said in a note to clients. “This reduced fears of the war spreading across the Middle East and supply disruptions.”
To ease pressure on already scarce supplies due to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its partners, including Russia, the United States suspended sanctions on OPEC member Venezuela after the Venezuelan government reached an agreement with the opposition.
(Prepared by Hassan Ammar for the Arabic Bulletin)
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