Oil prices fell on Monday.
By midday, the quotations had limited the losses from early trading to some extent. A barrel (159 liters) of North Sea Brent for delivery in December last cost 91.91 US dollars. That was 25 cents less than on Friday. The price for a barrel of the American variety West Texas Intermediate (WTI), also for December delivery, fell by 36 cents to $87.72.
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The situation in the Middle East remains the dominant topic on the oil market. After a price increase last week, market observers spoke of a slight countermovement. Recently, diplomatic efforts and with them the hope of containing the war between the Islamist Hamas and Israel have come to the fore again.
In addition, the market pointed to a generally gloomy mood at the beginning of the week, which also weighed on oil prices. Despite the current price decline, crude oil has become significantly more expensive due to concerns that the war could spread to other countries in the Middle East. In the past two weeks since the start of the latest war, the price of crude oil from the North Sea has risen by around eight percent.
NEW YORK/LONDON (dpa-AFX)