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Oil prices retreated from month high after Egyptian President Mohammed Mursi said that efforts to end the fighting between Israel and Palestinian factions in the Gaza Strip, show up for several hours.
Futures fell as much as 1.3% as Mursi said that the situation in the Middle East, which he described as "Israeli aggression" ends today. His comments came after U.S. Secretary of State Hillary Clinton arrived in the region to accede to the question regarding the truce in the region.
Note that the conflict in Gaza threatens further instability in the Middle East and North Africa after the wave of uprisings in the past year, including in Libya, which is almost completely cut oil exports from North Africa.
The Israeli official, who spoke anonymously because of the sensitivity of the matter, said that if the talks have failed, Israel launched the invasion. Israeli officials say that any ceasefire must include long-term agreement with Hamas to stop firing rockets that can hit 4.5 million people, or half the population.
Prices also fell on speculation that tomorrow's report from the U.S. Department of Energy show that oil stocks rose to four-month high last week.
January futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) fell to 87.40 dollars a barrel on the New York Mercantile Exchange.
January futures price of North Sea petroleum mix of mark Brent fell by 1.25 dollars to 110.28 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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