HOUSTON, Oct 26 - Oil prices fell more $2 a barrel on Thursday as fears of a wider Middle East conflict eased at the same time that U.S. demand showed signs of weakening.
Fears of a spillover affecting global crude supplies from the conflict between Israel and Palestinian militant group Hamas, which could embroil Iran and its allies in the region, have supported oil prices in recent weeks."The security premium we've been paying since earlier in the month seems to be deflating," said John Kilduff, partner with Again Capital LLC.
"The market is on edge," said Price Futures analyst Phil Flynn."It's critical to understand that we're one headline away from a big rally in the market." The U.S. economy, however, grew at its fastest pace in nearly two years in the third quarter, data showed on Thursday, raising expectations that the Federal Reserve will keep interest rates high for longer.Inventories climbed by 1.4 million barrels to 421.1 million barrels, according to the Energy Information Administration , exceeding a 240,000-barrel gain expected by analysts from a Reuters poll.
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