Oil tumbles nearly 2% as Middle East tensions ease

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Oil prices fell more than $1 a barrel as Middle East tensions eased after Israel withdrew soldiers from southern Gaza and committed to fresh talks on a potential ceasefire. Brent crude futures slipped $1.70 to $89.47 a barrel, while U.S. West Texas Intermediate crude was at $85.29 a barrel. Israel's withdrawal is likely in response to growing international pressure and to deescalate tensions after killing senior Iranian commanders in Syria. Israel and Hamas sent teams to Egypt for fresh talks on a potential ceasefire. Saudi Arabia raised official selling prices for all crude grades to Asia in May. Fire struck an offshore platform operated by Mexico's national oil company Pemex, killing at least one contractor. Goldman Sachs analysts expect Brent to stay below $100 a barrel. In the United States, oil rigs rose by two to 508 last week while gas rigs fell by two to 110. The U.S. employment report on Friday beat expectations, potentially delaying anticipated Federal Reserve interest rate cuts this year. Investors will be watching consumer price index data from the U.S. and China for further clues on the timing of possible Fed rate cuts and to gauge the economic health of the world's top two oil consumers.

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https://finance.yahoo.com/news/oil-prices-lost-ground-mideast-231521877.html