Oil Falls to the Lowest in Over a Month as Gulf Tensions Recede
- Threat of outright U.S.-Iran war has receded; Libya cease-fire
- WTI falls below $59 a barrel after losing 6.4% last week
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Oil settled at the lowest level since early December as geopolitical tension in the Middle East eased.
Futures in New York fell 1.6% Monday. The threat of an outright war has receded since Tehran fired missiles at U.S.-Iraqi bases last week in retaliation for Washington’s assassination of its top general. In Libya, warring factions have called a cease-fire in their nine-month conflict. But the situation in Iran remains volatile amid protests against the government’s accidental downing of a commercial airliner.