Crude Futures Erase Weekly Gain as Mideast Tension Eases
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Crude dropped in New York, erasing a weekly advance, after a truce between Israel and Hamas held for a second day, easing concern that the conflict would disrupt supplies from producers in the Middle East.
West Texas Intermediate declined as much as 0.8 percent after a Egypt-U.S.-crafted cease-fire halted eight days of aerial assaults that killed at least 167 Palestinians and six Israelis. Crude may decline next week following the cessation of hostilities, according to a Bloomberg survey. There was no U.S. floor trading yesterday because of the Thanksgiving holiday.