Oil falls over 2% after Saudi pledge; investors keep wary eye on Israel | Reuters
Oil prices fell over 2% on Wednesday as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilise the market.
Brent futures fell $1.83, or 2.1%, to settle at $85.82 a barrel. U.S. West Texas Intermediate crude fell $2.48, or 2.9%, to settle at $83.49.
Brent and WTI had surged by more than $3.50 per barrel on Monday over concern the clashes between Israel and Palestinian Islamist group Hamas could escalate into a broader conflict that would disrupt global oil supply.
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