Brent crude futures were down seven cents to $83.26 a barrel at 0950 GMT, while U.S. West Texas Intermediate crude futures were unchanged at $78.48
Oil steadied on Tuesday as weakness in the physical market countered concern about conflict in the Middle East as Israel stepped up attacks in southern Gaza and a ceasefire deal between Hamas and Israel hung in the balance.
Brent crude futures were down 7 cents to $83.26 a barrel at 0950 GMT, while U.S. West Texas Intermediate crude futures were unchanged at $78.48. “I believe the lack of optimism of the past few days is more the result of genuine weakness in the physical markets,” he added. On Monday crude settled higher, partly reversing last week’s drop. Brent and WTI had registered their steepest weekly losses in three months as the market focused on weak U.S. jobs data and the possible timing of a Federal Reserve interest rate cut.As well as Middle East tensions, the latest U.S. inventory reports will also be in focus.
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