"Oil Prices Drop as Middle East Tensions Ease and Demand Concerns Grow"
U.S. oil prices fell below $83 a barrel as fears of a major war in the Middle East eased following Israel's decision not to immediately retaliate against Iran after an air assault. Crude oil futures dropped for the fourth consecutive day, with traders unwinding the geopolitical risk premium built into prices over the past two weeks. International pressure on Israel and a 10 million barrel build in U.S. petroleum inventories also contributed to the decline in oil prices.