Oil slips after Israel/Hamas cease-fire report
NEW YORK -- Crude-oil futures turned modestly lower Wednesday after Reuters reported that cease-fire agreement has been reached between Israel and Hamas, but a surprise decline in last week's U.S. crude inventories kept declines at a minimum.
January crude oil (CLF3) fell 12 cents to $86.63 a barrel on the New York Mercantile Exchange. It had traded as high as $87.89 earlier. Reuters attributed the news of a cease-fire to a Palestinian official with knowledge of Egyptian mediation between the two sides.