Oil prices edged lower on Monday over easing supply worries after the intensified diplomatic efforts to settle the Israel-Palestine conflict.
Global benchmark Brent crude traded at $91.71 per barrel at 1129 GMT, a 0.48% fall from the closing price of $92.16 a barrel in the previous trading session on Friday.
The American benchmark West Texas Intermediate (WTI) traded at the same time at $87.52 per barrel, down 0.62% from Friday’s close of $88.08 per barrel.
Downward price movements came as the efforts to put an end to the escalating tension between Israel and Palestine intensify, also decreasing the concerns that the Middle East turmoil will impact other regional countries, disrupting oil supply routes.
With this aim, the Cairo peace summit was held to discuss the latest developments in the conflict between Israel and Palestine with international, Arab and UN participation on Saturday.
At least 31 countries and three international organizations confirmed their participation in the summit, according to the private Cairo News Channel.
Meanwhile, two convoy of relief trucks entered the Gaza Strip from the Egyptian side of the Rafah crossing over the weekend, the first aid deliveries to the area since Oct. 7, when the recent fighting between Hamas and Israel started.
The US decision on Oct. 18 to partially ease sanctions on the oil, gas and gold sectors in Venezuela also alleviated supply concerns, limiting the upward trend of oil prices.
However, the weakening dollar following US Federal Reserve Chair Jerome Powell’s remarks on Oct. 19, in which he said that lower economic growth is required to curtail high inflation, limited further price decreases.
