Oil reports second straight weekly gain on Israel-Hamas concerns; Brent settles lower at $92/bbl
Both Brent crude and US WTI had gained more than a dollar per barrel during Friday's session on signs of escalation of the conflict. For the week, both front-month contracts rose over 1 per cent, a second straight weekly jump.
Oil prices settled lower on Friday, October 20, after the Islamist group Hamas released two US hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Hamas' armed wing released the two US hostages from Gaza - a mother and her daughter on Friday - for humanitarian reasons in response to the Qatari mediation efforts in the war with Israel, according to reports.
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