Source: Reuters

Oil pared gains on Monday after a rise above $40 a barrel, in response to a weak dollar and Israeli attacks on Hamas that served as a reminder of tensions that could threaten Middle East crude oil supplies.

U.S. light, sweet crude was up $1.16 at $48.87 a barrel by 10:06 a.m. EST, below a session high of $42.20.

Oil is on track for a nearly 60 percent loss this year, the biggest annual fall since futures began trading 25 years ago.

London Brent crude rose $1.39 to $39.76 a barrel, after touching a session high of $43.18.

“Geopolitics had disappeared from the oil scene for the last couple of months but will regain some price premium with the latest Israeli attack in Gaza,” Olivier Jakob, of consultants Petromatrix, said in a research note.

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