ALBAWABA – Oil prices slipped more than 1 percent on Monday as concern eased about the Israeli onslaught on Gaza spiralling into a war that would disrupt crude supply from the region, even as occupation forces struggle to hold their advanced positions inside the besieged enclave.
Brent crude futures dropped $1.39, or 1.5 percent, to $89.09 a barrel by 0911 GMT, Reuters reported, and West Texas Intermediate crude was down $1.63, or 1.9 percent, at $83.91.
According to Bloomberg’s website, Generic 1st 'CL' WTI crude picked parred some of the losses, settling at $84.15, by 0102 Amman Time.
Both crude benchmarks had jumped 3 percent on Friday after occupation forces stepped up the Israeli onslaught on Gaza, stoking worries that the conflict could expand into a regional war.
Oil prices ease after rising on Israeli onslaught on Gaza - Shutterstock
Benchmark stock indexes in the United States (US) as bonds and gold prices eased, Bloomberg reported, with S&P 500 futures contracts gaining 0.3 percent after the gauge fell 0.5 percent on Friday.
The US dollar was little changed against major peers, while the 10-year Treasury yield rose about four basis points and gold prices slipped below $2,000 an ounce.
Bloomberg reported the Israeli invasion of Gaza was following through with more caution than expected, which alleviated some of the pressure off the markets. However, Palestinians in northern Gaza reported fierce air and artillery strikes as Israeli troops backed by tanks pressed into the enclave, according to Reuters.
Apart from the situation in Palestine, and particularly Gaza, investors are looking to Wednesday's Federal Reserve meeting for pointers on future policy measures, in addition to earnings of tech giants to paint a clearer picture of the market.
