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Oil prices post a loss for the month as fears of wider Israel-Hamas war fade

Oil futures ended lower on Tuesday, leading to the first loss in five months as the risk premium tied to fears the Israel-Hamas war could threaten crude supplies eroded.

Price action

Market drivers

On the Middle East front, oil traders have “likely shifted into efficient market mode, waiting for signs of a definitive escalation that imperils supply before taking prices higher,” Stephen Innes, managing partner at SPI Asset Management, said in market commentary.

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