(Bloomberg) -- Oil plunged as light pre-holiday trading exacerbated signs of diminishing risks from the conflict in the Middle East.

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West Texas Intermediate fell more than 2.5% to trade below $70 a barrel after the Israeli ambassador to the US said a cease-fire agreement between his country and Lebanon’s Hezbollah could happen “within days.”

Crude is jumpy ahead of the Thanksgiving holiday, with traders looking ahead to the weekend, when OPEC+ is set to decide on whether to add extra barrels to the market. Traders and analysts surveyed by Bloomberg last week anticipate OPEC+ will pause its scheduled January production hike.

Meanwhile, Treasury Secretary nominee Scott Bessent advised President-elect Donald Trump to push for millions more barrels of daily oil production or its equivalent, according to the Wall Street Journal. However, US shale producers facing a crude glut next year have little incentive to ramp up output.

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The UK government expanded its sanctions against Russia’s energy industry on Monday, offering some price support.

Crude has traded in a range of about $6 a barrel since the middle of October — alternating between weekly gains and losses — as fresh tensions in Russia and Ukraine wrestled with signs of cooling risk in the Middle East. Some indications of improvements in physical markets have countered the prospects of oversupply.

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