Updated Oct. 16, 2023 3:30 am ET
0721 GMT – Crude oil prices are pulling back following last week’s late surge, with tensions in Israel and Gaza providing worry to markets. Brent crude is down 0.4% to $90.52 a barrel while WTI is 0.3% lower at $87.54 a barrel. Brent surged past $90 a barrel Friday, rising 5.7% on geopolitical uncertainty. Concerns that the wider region would become embroiled in the conflict are a major worry for analysts. “Market attention has now turned to the likely Israeli ground invasion of the Gaza Strip,” says Commonwealth Bank of Australia in a note. CBA adds that if Israel “dismantled” Hamas quickly and withdrew as soon as possible it should limit prices around the $90 a barrel mark. ([email protected])
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