Oil prices drop as Middle East tension eases

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Oil pump jacks are seen next to a strawberry field in OxnardOil prices extended declines from the previous session on Wednesday as tensions in the Middle East eased after Saudi Arabia ended an air strike campaign in Yemen, but industry leaders said the market could rebound as attention turned to rising demand. Saudi Arabia said on Tuesday it was ending a month-long military campaign against the Houthi rebels who seized large areas of Yemen, bringing hope of a peaceful political solution to the conflict in the key oil producing region. Oil prices had gained nearly $10 a barrel this month on tensions in the Middle East and concerns over slowing output growth in the United States, before starting to drop back. Growth in demand outside the United States was impressive in India, South Africa and Europe, he added.

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