Friday, May 24, 2024
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Updates on Oil: as Investors Pay Attention, Prices Discussions on an Israel-Gaza Peace and US Fed Policy Review

SINGAPORE: Concerns over the trajectory of US interest rates dampened market fears of an escalating Middle East conflict, according to Reuters, and oil prices marginally declined on Tuesday.

Around 9:30 a.m. Saudi time, Brent crude futures down 19 cents, or 0.21 percent, to $88.21 per barrel, while US West Texas Intermediate crude prices fell 20 cents, or 0.24 percent, to $82.43 per barrel. On Monday, both benchmarks’ front-month contracts had losses of over 1%.

Maintaining high rates for an extended period of time may increase the value of the US dollar and pose certain dangers to the outlook for oil consumption.

After discussing a possible response to Israel’s proposed phased truce with Egyptian and Qatari mediators, Hamas negotiators departed Cairo late on Monday to confer with the organization’s leadership. Two Egyptian security sources stated that they anticipated the delegation to report back in two days.

Israeli bombings killed dozens of Palestinians on Monday, with over half of the casualties occurring in the southern Gaza city of Rafah, which international officials had begged Israel not to attack, while Hamas leaders were in Cairo.

The Houthis of Yemen have persisted in their attacks on marine commerce south of the vital Suez Canal trade route, which has kept oil prices below floor levels and may lead to increased risk premiums if participants expect delays in the supply of crude oil.

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Friday, May 24, 2024

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