Week one oil losses follow Israel's announcement of the "end" of the Gaza war

Week one oil losses follow Israel's announcement of the "end" of the Gaza war

At 0135 GMT, U.S. West Texas Intermediate oil futures were down 46 cents, or 0.6%, at $76.38 a barrel, whereas Brent crude futures remained down 43 cents, or 0.5%, at $81.76 a barrel.

Week one oil losses follow Israel's announcement of the "end" of the Gaza war.

Following Israel's announcement that it had "ended" a string of assaults in southern Gaza, worries about Middle Eastern oil supplies were somewhat allayed, and oil prices declined in early Asian trading on Monday.

At 0135 GMT, U.S. West Texas Intermediate oil futures were down 46 cents, or 0.6%, at $76.38 a barrel, whereas Brent crude futures remained down 43 cents, or 0.5%, at $81.76 a barrel.

Prices increased by about 6% last week due to geopolitical concerns, which included worries about a regional escalation of the Israeli-Palestinian conflict and a possible interruption to the Middle East's oil supply.

Days after Israeli Prime Minister Benjamin Netanyahu turned down a cease-fire request from Hamas, the Israeli military said on Monday that it had begun "a series of attacks" on southern Gaza that were now "ended".

News from the US allayed some worries, even as supply fears in the Middle East remained comparatively high.

The number of oil and gas rigs installed by US energy corporations reached its highest point since mid-December, perhaps indicating a rise in production. Last week, domestic output reached a record 13.3 million barrels per day (bpd).

Demand worries persist as requests for further inflation reductions have increased after a Federal Reserve member said he has no interest in suggesting a reduction in interest rates. Increased interest rates reduce economic expansion, which lowers the demand for oil.

Due to holiday closures throughout the majority of the area, including China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, among Malaysia, business in the region is predicted to be weaker.

Mainland The Lunar New Year holidays have halted China's financial markets; trade will return on Monday, February 19. On February 14, trading in Hong Kong will return.