Oil prices retreated at the start of the week on signs that there is a possibility of a ceasefire between Hamas and Israel. Benchmarks began the week shedding some $1 per barrel, which pushed Brent crude below $90 and West Texas Intermediate below $86, after Israel moved some troops out of Gaza during the weekend.
"It appears the catalyst is Israel saying it has withdrawn all troops except one brigade from the Southern Gaza strip, likely in response to growing international pressure and to deescalate tensions after it killed…Oil Prices Fall as Israel Withdraws Some Troops From Gaza
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