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Brent slips near $108

Monday, July 28 09:26:58

Brent crude slipped near $108 a barrel on Monday as fighting between Israel and Hamas Islamist militants subsided in Gaza, but some analysts said falls may be limited.

Geopolitical tensions in the Middle East eased for now after Hamas said it backed a 24-hour humanitarian truce. U.S. President Barack Obama had called for a ceasefire but there was no sign of any comprehensive deal to end fighting with Israel.

September Brent crude was down 35 cents at $108.04 a barrel as of 0635 GMT. Earlier in the session, it fell to a low of $107.79. The contract gained 1 percent last week.

U.S. crude futures for September delivery dropped 11 cents to $101.98 a barrel after ending last week 1 percent lower.

"Oil markets are going down because of a ceasefire for 24 hours in Israel and Gaza," said Ken Hasegawa, a commodity sales manager at Newedge Japan. "This has definitely put some pressure on oil."

Hasegawa said oil prices were expected to stay in a range of $105-$110 for Brent and $100-$105 for West Texas Intermediate.

Oil remained underpinned by tension in hotspots such as Libya and eastern Ukraine despite ample supply of crude and oil products globally. (Reuters)

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