Oil prices ease as investors assess impact of Israel-Hamas war
© Reuters. FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File PhotoTOKYO - Oil prices eased in early Asia trade on Monday, reversing last Friday's rally as investors waited to see if the Israel-Hamas conflict draws in other countries, which could drive up prices further and deal a fresh blow to the global economy.futures fell 36 cents, or 0.4%, to $90.53 per barrel and U.S.
Brent also recorded a weekly gain of 7.5%, its biggest such increase since February. WTI climbed 5.9% for the week. But investors and market observers are assessing how the conflict could escalate and what it might mean for supplies from nearby countries in the world's top oil producing region. Inside Gaza's narrow and crowded streets, conditions were deteriorating as deaths from Israeli air strikes rose. Bodies were stored in ice cream freezer trucks because moving them to hospitals was too risky and cemeteries were full.
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