While Monday was a holiday in the U.S. and the markets were closed, global crude oil prices managed a slight increase and analysts credited the continuing worries over the fighting in Gaza and Israel’s standoff with other groups of terrorists.
Brent, the global benchmark, gained 9 cents and settled at $83.56 a barrel on ICE Futures Europe.
Since Monday was President’s day in the U.S. there was no settlement of trading for West Texas Intermediate crude. However it did manage a 30 cent increase to $79.49 a barrel early Monday afternoon. Trading for WTI and March delivery will expire on Tuesday.