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LONDON, Oct 23 - Oil prices slipped on Monday as investors continued to focus on the situation in the Middle East, where diplomatic efforts are intensifying in an attempt to contain the conflict between Israel and Hamas.
The intensification of diplomatic efforts to prevent the Israel-Hamas conflict from further escalation could have calmed oil prices on Monday. Both oil benchmarks notched 1% week-on-week gains for the last two weeks, on the possibility of supply disruption in the Middle East — the world's biggest oil-supplying region — if the conflict were to spread.
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