Oil prices fell about 1% on Thursday as the United States eased sanctions on Venezuela to allow more oil to flow globally, but fears that Israel’s military campaign in Gaza may escalate to a regional conflict kept a lid on losses.
Brent futures for December were down $1, or 1.1%, to $90.50 a barrel at 1307 GMT. U.S. West Texas Intermediate (WTI) futures for November, which expire on Friday, stood at $87.39 per barrel, down 93 cents, or 1.1%.
The more active December WTI contract fell 1%, or 83 cents, to $86.44 a barrel.
