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Oil edged lower early Monday as worries over a widening war in the Middle East pause as Israel holds back on an invasion of Gaza even as it continues its war on Hamas. West Texas Intermediate crude for December delivery was last seen down $0.23 to $87.85 per barrel, while December Brent crude, the global benchmark, was down $0.12 to $92.04.
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The drop comes as international efforts to protect and succor Gaza citizens and free hostages continue amid a rising Israeli bombardment of the territory, after water, power and food for Gaza's 2 million citizens was cut off following terror attacks on Israel from Hamas militias earlier this month that killed hundreds of civilians.
Israel is also fighting with the Iran-backed Hezbollah militia across its border with Lebanon, but the war has yet to spread into other areas of the Middle East or disrupt oil production in the region.
"Crude oil prices ended lower on Friday but recorded a second consecutive weekly gain as the risk of supply disruptions hangs over the market. But risk sentiment seems to be taking a breather for now, as Israel has delayed its ground invasion in Gaza amid hostage talks," Saxo Bank noted.
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