Brent falls under $108

|By:, SA News Editor

Brent crude tumbled below $108 a barrel this morning, falling $0.50 to $107.89, as a 24-hour humanitarian truce went into effect between Israel and Hamas.

U.S. crude futures for September delivery dropped $0.52 cents to $101.57 a barrel after ending last week 1% lower.

Oil remained underpinned by tension in hotspots such as Libya and eastern Ukraine despite sufficient supply of global crude.

Global markets may also see more oil exported out of Iraqi Kurdistan after the U.S. Coast Guard cleared a tanker yesterday to unload the questionable cargo in Texas.

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