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WTI Crude Oil testing below $85 after a bump higher on Gaza conflict, supply concerns mount over Gaza conflict
West Texas Intermediary (WTI) Crude Oil caught a Monday bid on rising geopolitical tensions following a Hamas rocket attack on Israel in the Gaza Strip over the weekend. At least 700 people are dead and Israel has deployed approximately 100,000 additional troops to the region. Crude oil markets are seeing rising concerns that an escalation of the Gaza conflict could destabilize Crude Oil supply, sending barrel costs higher for the new trading week and halting an extended decline that has seen oil prices close in the red five of the last six consecutive trading days and shedding nearly 15% peak-to-trough. The Israeli ... (full story)