Oil Drops Almost 3% as Mideast Worries Ease: Report

By MT Newswires,  November 20, 2012, 03:09:02 PM EDT

Crude oil futures dropped Tuesday by almost 3% as hope for a cease-fire on the Gaza Strip relieved some of the concerns over supply risks in the Middle East region, MarketWatch reported.

January crude oil shed $2.53, or 2.8%, to settle at $86.75 a barrel on the New York Mercantile Exchange.

The contract had tallied a gain of around 4% over the past two trading sessions.

The only possible threat in the Israel/Palestinian conflict is "the very, very remote possibility that there is some extension of the conflict to Egypt," which would put oil shipped through the Suez Canal at risk, said James Williams, an energy economist at WTRG Economics.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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