Crude oil futures ended lower on Monday amid easing geopolitical tensions following Israel removing its troops from Southern Gaza. According to private report, Israel has reduced the number of soldiers from southern Gaza as ceasefire talks are going on. However, a Hamas official reportedly said that no progress was made at the new round of Gaza ceasefire talks in Cairo, also attended by delegations from Israel. Besides, private report said that China Construction Bank had filed a liquidation petition in Hong Kong against leading Chinese property developer Shimao Group Holdings has raised some concerns about the outlook for oil demand from the world’s second largest economy.
Benchmark crude oil futures for May delivery fell $0.48 or about 0.55% to settle at $86.43 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $0.79 or 0.86% to $90.38 per barrel on London's Intercontinental Exchange.