Mon 08 July 2024:
Oil prices declined on Monday as hopes for a cease-fire between Israel and Hamas reduced geopolitical tensions in the Middle East. Brent crude fell by 0.53% to $86.08 per barrel, while West Texas Intermediate dropped by 0.71% to $82.57 per barrel.
An Israeli team is set to continue negotiations in Qatar and Cairo, focusing on a hostage swap deal and cease-fire with Palestinian factions. Previous mediation efforts have faced challenges due to Israeli Prime Minister Netanyahu’s stance.
The potential agreement alleviates concerns over conflict escalation and oil supply disruptions. Investors are also monitoring Hurricane Beryl’s impact on Gulf of Mexico oil production, with major Texas ports halting operations in preparation for the storm.
SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES
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