Oil futures drop as Middle-East cease-fire holds

Posted by Forexsq 699 days ago (http://www.marketwatch.com)
img Crude-oil futures fell in electronic trading Friday as concerns about supply eased on a continued temporary cease-fire between Israel and Hamas.

Benchmark U.S. crude oil for January delivery CLF3 -0.33% fell 19 cents, or 0.2%, to $87.19 a barrel on Globex during Asia trading hours.

The contract had risen 63 cents to settle at $87.38 a barrel on the New York Mercantile Exchange on Wednesday. Nymex floor trading was closed Thursday for Thanksgiving.

GFT technical analyst Fawad Razaqzada said Thursday’s “losses were insignificant” with Middle East concerns diminishing, manufacturing activity data out of China and the U.S. Thanksgiving holiday.

“Traders are just waiting for the next big stimulus to push oil prices in one clear direction, but may not get that stimulus until next week,” said Razaqzada.


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