Oil prices ease as aid convoys arrive in embattled Gaza Strip

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TOKYO : Oil prices eased on Monday as aid convoys started to arrive in the Gaza Strip over the weekend amid diplomatic efforts to contain a conflict between Israel and the Palestinian Islamist group Hamas from spreading to the wider oil-rich region.Brent crude futures fell 60 cents to $91.

FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford//File Photo

Brent crude futures fell 60 cents to $91.56 a barrel and U.S. West Texas Intermediate crude futures lost 61 cent to trade at $87.47 a barrel at 0038 GMT. "Israel agreed to hold off its attack on Hamas following pressure from the U.S.," ANZ Research said in a client note."This eased concerns that the Israel-Hamas war would spread across the Middle East and disrupt supplies."

Aid convoys started to arrive to the Gaza Strip from Egypt over the weekend, as Arab leaders and foreign ministers gathered for a summit in Cairo which was unable to yield a joint statement.

 

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