Oil holds slump with Israel-Hamas war, demand outlook in focus

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Oil holds slump with Israel-Hamas war, demand outlook in focus
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Brent for December settlement, which expires Tuesday, traded 0.4% higher at $87.81 a barrel.

Oil held a sharp drop spurred by signs that the Israel-Hamas war will remain contained while demand may be softening.

Crude is wrapping up a turbulent month, with prices rocked by the war and mixed indicators on demand. Both WTI and Brent are on course to cap declines in October as the risk premium triggered by the conflict fades, with concerns of a global slowdown returning to the fore. Data from Asia highlighted the risks as manufacturing in China fell back into contraction.

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