WASHINGTON (dpa-AFX) - Oil prices drifted lower on Monday amid easing concerns about supply disruptions after Israel's retaliation last week to Iran's attack earlier in the month caused did not cause any big damage to oil facilities.
Concerns about the outlook for global oil demand, and the recent data showing a sharp jump in U.S. crude inventories weighed as well on oil prices.
West Texas Intermediate Crude oil futures for May ended down $0.29 or about 0.34% at $82.85 a barrel.
Brent crude futures dropped to $87.00 a barrel, down $0.29 from the previous close.
Geopolitical tensions in the Middle East eased, given Iran's tamed response to Israel's apparently small strike against the country.
Geopolitical tensions ebbed after Iran and Israel completed 'measured' counterattacks that were calibrated to avoid any casualties.
It is now becoming clear that both countries are not interested in an actual war, which could result in further escalation in the conflict.
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