Oil Drops as Bearish Trends Counter Middle East Conflict’s Risks
- Israel’s Netanyahu says nation is battling for its existence
- WTI falls near $83 a barrel after rising 2% on Wednesday
An Israeli Merkava tank along Israel's border with Gaza on Oct. 24.
Photographer: Aris Messinis/AFP/Getty Images
This article is for subscribers only.
Oil fell as a drop in wider financial markets and softer real-world prices dented gains from Israel’s planned ground invasion of Gaza.
West Texas Intermediate fell to settle near $83 a barrel, adding to a two-week string of sessions in which prices have swung in a range of more than $2. Israeli Prime Minister Benjamin Netanyahu said his nation was in a battle for its very existence and that an invasion was being prepared. The country’s armed forces said they had entered northern Gaza to attack cells overnight before exiting the area.