WASHINGTON (dpa-AFX) - Oil prices drifted lower on Monday amid slightly easing geopolitical tensions following Israel removing its troops from Southern Gaza.
According to reports, Israel has reduced the number of soldiers from southern Gaza as ceasefire talks are going on. However, a Hamas official reportedly said that no progress was made at the new round of Gaza ceasefire talks in Cairo, also attended by delegations from Israel.
Meanwhile, Iran is reportedly preparing a response to a suspected Israeli attack on its consulate in Syria, while Hezbollah warned that it's ready for war.
West Texas Intermediate Crude oil futures for May ended down $0.48 or about 0.55% at $86.43 a barrel. WTI crude futures gained about 4% last week.
Brent crude futures dropped $0.63 or about 0.7% to $90.54 a barrel.
Reports that China Construction Bank had filed a liquidation petition in Hong Kong against leading Chinese property developer Shimao Group Holdings has raised some concerns about the outlook for oil demand from the world's second largest economy.
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