There are some modest bids in oil creeping in after an Al Arabiya report on negotiations between Israel and Lebanon.
The report says negotiations have hit a dead on because Israel is insisting on maintaining occupation of southern Lebanon. They want a buffer zone and the ability to operate freely within it.
The US side is trying to mediate with the idea of a ‘pilot security zone’ that would be established and then handed over to the Lebanese army.
WTI crude was last up 62 cents to $70.98 after trading as low as $68.90 earlier. It has been a rough stretch for the oil bulls as crude cratered from $96 to $68.
This article was written by Adam Button at investinglive.com.