Brent is getting cheaper after jumping to $91.80 on Friday

Oil prices declined during the day on Monday due to a decrease in geopolitical risks. At the end of last week, the quotes jumped to the level of $91.80 per barrel.

The current Brent price is $90.55 per barrel. North American WTI crude is trading near $86.25 after rising to $87.60 on Friday. Last week, Brent rose by 4.8%, WTI – by 4.5%. Both brands finished the fourth week in a row in the black, which has not happened since August last year.

According to media reports, on Sunday night, the Israel Defense Forces returned all its units from the south of the Gaza Strip. Currently, only one Israeli army brigade remains in place, which is responsible for the security of the corridor linking southern Israel with the coast of the Gaza Strip.

Analysts note that the market is under pressure in morning trading, as the risk margin embedded in the quotes will decrease over time in the absence of escalation.

Data from the oilfield services company Baker Hughes also had an impact on the dynamics of the oil market. Statistics showed that over the past week, the number of operating oil drilling rigs in the United States increased by two and amounted to 508 units. The number of gas installations has been reduced by two, to 110.