Oil prices fell more than 1 percent in early Asian trading on Monday, as tensions in the Middle East eased after Israel withdrew more troops from southern Gaza and pledged new talks on a possible ceasefire in the six-month conflict.
price movement
Brent crude futures fell $1.4, or 1.55 percent, to $89.76 a barrel by 2253 GMT, after hitting a session low of $88.78.
U.S. West Texas Intermediate crude was at $85.60 a barrel, down $1.31, or 1.5 percent, after falling to a low of $84.69.
Israel and Hamas sent delegations to Egypt for fresh talks on a possible ceasefire before the Eid holiday, easing tensions in the Middle East that sent oil prices up more than 4 percent last week on fears of supply disruptions.
Israeli Defense Minister Yoav Galant said Sunday that Israel is prepared to deal with any scenario that may arise with Iran, after Tehran threatened to respond to the killing of Iranian military leaders on April 1.
Saudi Arabia, the world's largest exporter, raised its official selling prices for all crude grades to Asia in line with expectations.
Baker Hughes, one of the world's largest oilfield services companies, said in its report on Friday that U.S. oil rigs rose by two to 508 last week, while gas rigs fell by two to 110, the lowest since January 2022.
