REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies.
Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel.
U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel.
Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday.
"The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.
Persons:
Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman
Organizations:
REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson
Locations:
Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia