Oil futures dip after Israel-Hamas cease-fire

[oberliner]

The light-crude contract for February delivery, which expires Tuesday, fell $1.21 to $35.30 a barrel in electronic trading.

The March-dated contract was more actively traded and fell $1.03 a barrel to $41.54. Activity was still light, however, as U.S. markets were closed for Martin Luther King Jr. Day.

The decline came amid reports that the fragile weekend truce between Israel and Hamas was largely holding. The BBC reported that border crossings into the region will likely open later Monday for aid.

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