2024-04-08 04:42:28
Oil prices fell by more than 1 percent in early Asian trading on Monday, as tension in the Middle East eased following Israel withdrew more of its soldiers from the southern Gaza Strip and pledged to hold new talks on a possible ceasefire in the six-month-old conflict.
Price action
Brent crude futures fell $1.4, or 1.55 percent, to $89.76 per barrel by 2253 GMT, following hitting the lowest level in the session at $88.78.
US West Texas Intermediate crude recorded $85.60 per barrel, down $1.31, or 1.5 percent, following falling to a low of $84.69.
Israel and Hamas sent two delegations to Egypt for new talks on a possible ceasefire before the Eid holiday, easing tensions in the Middle East that pushed oil prices up more than 4 percent last week on fears of supply disruptions.
Israeli Defense Minister Yoav Galant said on Sunday that Israel is ready to deal with any scenario that may arise with Iran, following Tehran threatened to respond to the killing of Iranian military leaders on April 1.
Saudi Arabia, the world’s largest exporter, raised official selling prices for all grades of crude to Asia, in line with expectations.
Baker Hughes, one of the largest oil field services companies in the world, said in its report on Friday that US oil rigs rose by two rigs to 508 rigs last week, while gas rigs fell by 2 to 110, which is their lowest level since January 2022.
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