Oil slips despite Middle East conflict

 LONDON (Reuters) -Oil prices dipped on Monday as Middle East conflict’s limited impact on crude output prompted profit taking after oil benchmarks gained 2% last week.

Brent crude futures were down 49 cents at $77.80 a barrel by 1051 GMT and U.S. West Texas Intermediate crude lost 51 cents to to $72.17.

Several tanker owners steered clear of the Red Sea and multiple tankers changed course on Friday after U.S. and Britain launched strikes against Houthi targets in Yemen after the Iran-backed group’s attacks on shipping in response to Israel’s war against Hamas in Gaza.

The conflict has also held up at least four liquefied natural gas tankers travelling in the area.

https://www.globalbankingandfinance.com/oil-slips-despite-middle-east-conflict/


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