Oil futures pulled back Monday, with the global benchmark sliding back below $90 a barrel, after a ground incursion into the Gaza Strip by Israeli forces appeared to proceed at a cautious pace, helping to soothe worries over a broadening of the conflict.
“With weekend events starting to see further modest Gaza incursions the hope is that this incremental approach will ratchet up the pressure on Hamas, while not provoking another front on Israel’s northern border with Lebanon and Hezbollah,” Michael Hewson, chief market analyst at CMC Markets, said in a note.
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