Oil prices pull back on easing worries over Middle East
Weaker refinery margins could pose obstacle to further crude gains: analysts. Oil futures declined on Monday, pulling back after a gain of nearly 5% last week, as concerns eased over risks to crude supplies in the Middle East.Israel said it withdrew more soldiers from southern Gaza. News reports said both Israel and Hamas had sent delegations to Cairo for cease-fire talks.On Monday, oil prices declined on hopes that the conflict in the Middle East will calm down with progress in the ceasefire negotiations in Gaza, said Samer Hasn, market analyst at XS.com, in emailed commentary.On Monday, data from Germany showed larger-than-expected growth in February industrial production and the Eurozone Sentix Investor Confidence index climbed in April, according to news reports.Need to Know: The energy sector's on a tear. But $100 oil is not likely, says Goldman Sachs