Oil falls after exceeding $90 per barrel due to Israeli conflict
Oil falls after exceeding $90 per barrel due to Israeli conflict
Updated October 16, 2023 at 3:30 a.m. ET
07:21 GMT – Crude oil prices are falling after last week’s late rise as tensions in Israel and Gaza worry markets. Brent crude is down 0.4% at $90.52 a barrel while WTI is down 0.3% at $87.54 a barrel. Brent crude rose above $90 a barrel on Friday, up 5.7% due to geopolitical uncertainty. The fear that the entire region could be drawn into the conflict is a major concern for analysts. “Market attention has now turned to the likely Israeli ground invasion of the Gaza Strip,” the Commonwealth Bank of Australia said in a note. CBA adds that if Israel “dismantled” Hamas quickly and withdrew as soon as possible, it would have to limit prices to around $90 per barrel. (yusuf.khan@wsj.com)
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