News Oil Updates – prices ease on possible Gaza ceasefire, dollar strength

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SINGAPORE: Oil prices slipped on Friday on the possibility of a nearing Gaza ceasefire that could ease geopolitical concerns in the Middle East, while a stronger dollar and faltering US gasoline demand also weighed on prices, according to Reuters.

Brent crude futures fell 42 cents, or 0.5 percent, to $85.36 a barrel by 5:03 a.m. Saudi time. US crude futures shed 40 cents, or 0.5 percent, to $80.67 per barrel.

Both contracts are set to end the week little changed after rising more than 3 percent last week.

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