Oil declines after Hamas releases two American hostages in Gaza

Oil prices fell today after Hamas released two American hostages in Gaza, which raised hopes that the Israeli-Palestinian crisis could be calmed without involving the rest of the Middle East and disrupting oil supplies.

The US Commodity Futures Trading Commission (CFTC) said today that money managers reduced net long US crude futures and options positions by 56,850 contracts to 183,351 contracts in the week ending October 17.

Brent crude futures fell by 0.2% to $92.16 per barrel, US West Texas Intermediate crude futures for November delivery also fell to $88.75 per barrel, and the most active West Texas Intermediate crude futures for December fell to $88.08 per barrel.

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