Investing.com - Brent oil futures fell below the $108-a-barrel level on Monday, as geopolitical concerns in the Gaza strip eased.
On the ICE Futures Exchange in London, Brent oil for September delivery hit a session low of $107.79 a barrel, before trimming losses to last trade at $107.91 during European morning hours, down 0.44%, 48 cents.
Investors reassessed the geopolitical situation in the Middle East after Hamas and Israel agreed to a 24-hour humanitarian truce on Sunday. U.S. President Barack Obama had called for a ceasefire between the two sides, but there was no indication of any comprehensive deal to end the fighting.
Meanwhile, traders awaited new developments from Ukraine, where tensions between Russia and the West over escalating violence in the eastern part of the country remained high
Elsewhere, on the New York Mercantile Exchange, U.S. crude oil for delivery in September dipped 0.43%, or 43 cents, to trade at $101.66 a barrel.
Market participants were looking ahead to the Federal Reserve’s monetary policy statement due on Wednesday, amid speculation over when the central bank may start to raise interest rates.
Meanwhile, Wednesday’s preliminary estimate on second quarter economic growth and Friday’s U.S. jobs report for July were both expected to indicate that the recovery is continuing.