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Crude Oil Retreats on Signs of Cease-Fire in Middle East

November 20, 2012 at 22:13 by Vladimir Vyun

Crude oil tumbled today on speculations that the conflict between Hamas-controlled Gaza Strip and Israel may end. There are rumors that the draft of truce is ready and fire may cease this midnight. Yesterday, crude rallied 2.9 percent on fears that the tension may escalate.

Currently, oil is becoming somewhat firmer on positive data from the United States. Reports showed that the US housing market is improving. Existing home sales rose to 4.79 million in October from 4.69 million in September. Housing starts increased to 894,000 last month from 863,000 in the preceding month.

Crude oil (light sweet) was down from $89.06 to $87.32 per barrel as of 22:04 GMT on NYMEX today, rebounding from the daily low of $86.17. Brent crude dropped $1.35 (1.21 percent) $110.35 per barrel on ICE.

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