Brent price falls to $91.12 per barrel

Oil prices fell on Monday morning amid some easing of tensions in the Middle East, Report informs via Interfax.

December Brent futures fell in price on the London ICE Futures exchange by $1.04 (1.13%) to $91.12 per barrel.

December futures for WTI fell in price on the New York Mercantile Exchange (NYMEX) by $1.2 (1.36%), to $86.88 per barrel.

Over the past week, Brent and WTI quotes rose by 1.4% and 1.2%, respectively.

Meanwhile, Israel will delay the start of a ground military operation in the Gaza Strip under pressure from partners from the United States and Europe to give negotiators more time to free the hostages, Bloomberg said.

“Oil has taken a pause, and the shift in focus to humanitarian aid and hostage release suggests that the ground operation can wait,” IG Asia market strategist Yip Jun Rong said. “This may contain the risks of further escalation, at least for a while.”

Data from oil services company Baker Hughes showed that over the past week, the number of active oil drilling rigs in the United States increased by 1 to 502 units. The number of gas installations also increased by 1, to 118.