Oil Prices Fall On Middle East Peace Hopes
Oil prices declined as diplomatic efforts raised hopes for easing Middle East tensions. However, ongoing attacks on Saudi facilities and shipping limited the losses.
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Brent Crude Oil fell 91 cents, or 0.8%, to finish at $115.81 a barrel on Monday amid easing Middle East tensions. Both benchmarks retreated following strong gains on Friday, when Brent rose more than $3 to post a weekly gain of 6%. The drop came as regional diplomats met in Tehran to seek a breakthrough after recent attacks on Saudi Arabia and maritime shipping lanes.
