.Oil futures dip after Israel-Hamas cease-fire
LONDON (MarketWatch) -- Crude-oil futures edged lower Monday as a cease-fire in the Gaza Strip and a pact between Russia and Ukraine over natural-gas exports helped ease worries about energy supplies.
The light-crude contract for February delivery, which expires Tuesday, fell $1.21 to $35.30 a barrel in electronic trading.
The March-dated contract was more actively traded and fell $1.03 a barrel to $41.54. Activity was still light, however, as U.S. markets were closed for Martin Luther King Jr. Day.
The decline came amid reports that the fragile weekend truce between Israel and Hamas was largely holding. The BBC reported that border crossings into the region will likely open later Monday for aid.
Also over the weekend, the Russian and Ukrainian prime ministers agreed a deal to resume natural-gas exports to Europe via the Ukraine, which should end a dispute that had disrupted the flow of gas for around 2 weeks.
Under the deal Ukraine will get a 20% discount to European prices this year, but will have to pay full European prices starting in 2010, according to media reports.
MarketWatch
The light-crude contract for February delivery, which expires Tuesday, fell $1.21 to $35.30 a barrel in electronic trading.
The March-dated contract was more actively traded and fell $1.03 a barrel to $41.54. Activity was still light, however, as U.S. markets were closed for Martin Luther King Jr. Day.
The decline came amid reports that the fragile weekend truce between Israel and Hamas was largely holding. The BBC reported that border crossings into the region will likely open later Monday for aid.
Also over the weekend, the Russian and Ukrainian prime ministers agreed a deal to resume natural-gas exports to Europe via the Ukraine, which should end a dispute that had disrupted the flow of gas for around 2 weeks.
Under the deal Ukraine will get a 20% discount to European prices this year, but will have to pay full European prices starting in 2010, according to media reports.
MarketWatch
posted by madtom at 6:57 PM
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