(Bloomberg) -- Oil was little changed as traders tracked tensions in the Middle East and a mildly bearish US stockpiles report.Most Read from BloombergIsrael...
-- Oil was little changed as traders tracked tensions in the Middle East and a mildly bearish US stockpiles report. West Texas Intermediate was near $78 a barrel after closing just above the 100-day moving average on the first two days of the week, while Brent ended close to $83. With Israel’s military edging into the Gazan city of Rafah, a truce deal between the Jewish state and Hamas remains elusive.
Oil has been on a downtrend since early April, posting losses in three of the past four weeks, with market indicators from timespreads to processing margins pointing to a weaker outlook. Brent and WTI’s prompt spreads have narrowed to multi-month lows, suggesting that conditions are becoming less tight. In addition, profits of making fuels like diesel and gasoline from crude have also declined.
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