Oil Steady After Weekly Gain as Traders Watch for Iran Reprisal

(Bloomberg) -- Oil was steady after its first weekly gain since early July, with the market still waiting for Iran’s response to last month’s assassination of a Hamas leader in Tehran.

Brent crude traded below $80 a barrel after rising almost 4% last week, while West Texas Intermediate was near $77. Iran reiterated over the weekend the country’s determination to punish Israel for the killing of Hamas political chief Ismail Haniyeh, as a missile unit of its military conducted exercises near the Iraqi border.

Crude is clinging to a small annual gain after slumping in response to dour economic data in China, the biggest oil importer. Reflecting the bearishness, money managers have cut their net bullish positions on global benchmark Brent to the lowest in data going back to 2011 while the physical market is also flashing warning signs as US refineries run slow.

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