Brent crude slipped below $108 a barrel on Monday as fighting between Israel and Hamas Islamist militants subsided in Gaza .
Geopolitical tensions in the Middle East eased for now after Hamas said it backed a 24-hour humanitarian truce. US President Barack Obama had called for a ceasefire but there was no sign of any comprehensive deal to end fighting with Israel.
September Brent crude fell 50 cents to $107.89 a barrel by 0321 GMT after a 1 per cent gain last week. US crude futures for September delivery dropped 52 cents to $101.57 a barrel after ending last week 1 per cent lower.
September Brent crude fell 50 cents to $107.89 a barrel by 0321 GMT after a 1 per cent gain last week. US crude futures for September delivery dropped 52 cents to $101.57 a barrel after ending last week 1 per cent lower.
Global markets may also see more oil exported out of Iraqi Kurdistan after the US Coast Guard cleared a tanker to unload a cargo off Texas on Sunday. A State Department official signalled that Washington would not intervene to block delivery of the controversial crude.
Investors are gearing up for more economic data from the United States later this week, including second-quarter GDP figures, to gauge the health of the world's largest economy.
Investors are gearing up for more economic data from the United States later this week, including second-quarter GDP figures, to gauge the health of the world's largest economy.
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