Oil Pares Weekly Gain as Middle East Tension Eases on Cease-Fire
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Brent oil fell for a second day in London, paring a weekly gain, as a cease-fire between Israel and Hamas eased concern that tension in the Middle East will disrupt the region’s crude supplies.
Futures slid as much as 0.3 percent, matching yesterday’s decline. The cease-fire crafted by Egypt and the U.S. halted eight days of aerial assaults that ravaged the Gaza Strip and made Tel Aviv a missile target. West Texas Intermediate futures in New York have dropped since the Nov. 21 accord. There was no floor trading in the U.S. yesterday because of the Thanksgiving holiday, and electronic transactions will be booked with today’s trades for settlement purposes.