Oil prices fell in Asian trade today after Israel said it had "ended" a series of strikes on the Gaza Strip, easing supply security concerns, Reuters reported.

North Sea Brent futures, the benchmark for the European market, fell 43 cents, or 0.5 percent, to $81.76 a barrel.

U.S. light crude was down 46 cents, or 0.6 percent, at $76.38 a barrel.

Oil rose by around 6 percent last week on fears that the conflict could spill over into other parts of the Middle East.

OPEC oil exceeds $80 per barrel

The Israeli military said earlier today that it had carried out a "series of strikes" in the southern Gaza Strip and had ended the attacks. A few days ago, Prime Minister Benjamin Netanyahu rejected Hamas' truce proposal.

And while concerns about supplies from the Middle East still exist, good news on the oil front from the US is weighing on the markets. U.S. energy companies boosted oil and natural gas drilling rigs and wells in operation to their highest level since mid-December, and production hit a record 13.3 million barrels a day again last week.

Trade in Asia is generally sluggish as many countries on the continent, incl. China, Japan and South Korea celebrate the Lunar New Year, notes BTA.

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