Monday 16 October 2023

Oil prices steady above $90 as investors assess Israel-Hamas war | Reuters

Oil prices steady above $90 as investors assess Israel-Hamas war | Reuters

Brent oil futures steadied above $90 a barrel on Monday after passing the threshold on Friday, as investors waited to see if the Israel-Hamas conflict draws in other countries.

Brent futures were down 39 cents, or 0.43%, at $90.50 a barrel at 0855 GMT. U.S. West Texas Intermediate (WTI) crude fell 26 cents, or 0.3%, to $87.43 a barrel.

Both benchmarks climbed nearly 6% on Friday, taking Brent 7.5% higher on the week and WTI up 5.9%, as investors priced in the possibility of a wider Middle East conflict.

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