Crude oil holds near five-month high amidst tensions in West Asia
Oil prices stabilised on Tuesday, with the previous session’s drop arrested by dwindling prospects of negotiations between Israel and Hamas producing a ceasefire in Gaza.
Brent crude futures edged up 5 cents, or 0.1%, to $90.43 per barrel by 1309 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 10 cents or 0.1% at $86.33.
Brent posted its first decline in five sessions on Monday and WTI its first in seven as a fresh round of Israel-Hamas ceasefire discussions in Cairo raised hopes of a breakthrough.
