Investing.com– Oil prices moved little in Asian trade on Thursday as markets hunkered down before key U.S. economic data due later in the day, while focus also remained on any more developments in the Israel-Hamas war.
Crude markets logged volatile swings this week, as traders struggled to gauge whether the war would spill over into the Middle East region and disrupt crude supplies. Diplomatic missions earlier this week appeared to have prevented some immediate escalation in the conflict.
But persistent bombing of the Gaza strip, along with Israel’s commitment to a ground assault on the region saw traders pricing in a greater chance of escalation in the conflict. This saw oil prices jump 2% on Wednesday, rebounding from a series of recent losses.
These gains paused on Thursday, with Brent oil futures steadying at $90.06 a barrel, while West Texas Intermediate crude…
