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Oil Falls as Middle East Conflict Remains Limited
Oil slumped to the lowest price since the war in the Middle East began as Israel faces growing pressure to limit its bombardments to help hostage negotiations, keeping the conflict limited entering its fourth week. West Texas Intermediate slid 3.8% to settle below $83 a barrel, the lowest in three weeks. Israel’s ground incursion into Gaza has so far been less extensive than some investors expected, and the risk premium that received a boost on Friday as the invasion commenced has since been wiped out. Losses deepened on Monday after crude slipped below technical support levels. “The selling accelerated once WTI ... (full story)