Oil down another 2% on Europe woes, Israel pause on Gaza ground assault
Investing.com - Investors who rushed into oil thinking it could be a hedge to the Israel-Hamas war are beginning to find out that black gold isn’t quite the haven as gold itself is reputed to be.
The US crude benchmark rose 2% last week and around 6% the prior week. Tuesday’s session low was $82.97, putting it not too far from the two-month low of $81.50 struck on Oct. 6, a day before the outbreak of fighting in Gaza.Last week, the global crude benchmark rose 1.4%, adding to the prior week’s gain of 7.5%. Tuesday’s session low for Brent was $87.36.
Conversely, the market’s retreat comes amid diplomacy efforts by the United States and other world powers in convincing Israel to delay a ground assault on Gaza while they try and negotiate the release of an estimated 200 Israeli hostages being held by the Palestine militant group.
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