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Friday, December 8, 2023

Brent Edges Above $85 as Traders Focus on Israel-Hamas War

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Brent traded above $85 after slumping in the first two days of the week, as a still-contained Israel-Hamas war caused attention to shift to global demand.

US crude futures rose toward $82 a barrel. Israeli forces continued moving gradually into the Gaza Strip, with the army reporting its first casualties since the start of the land assault.

Technical markers flashed fresh weakness on Tuesday, with West Texas Intermediate closing below its 100-day moving average for the first time since July.

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