Oil falls for a third day on Middle East ceasefire hopes

Home Business Oil falls for a third day on Middle East ceasefire hopes 01-05-2024 12:05 PM Ammon News - Oil fell more than 1% on Wednesday, losing ground for a third straight session on hopes of a ceasefire agreement in the Middle East and by rising crude inventories and production in top consumer the United States. Expectations that a ceasefire agreement between Israel and Hamas could be in sight have grown following a renewed push led by Egypt, even as Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on Rafah. Brent crude futures for July fell 95 cents to $85.38 a barrel, while U.S. West Texas Intermediate crude futures for June dropped $1.16 to $80.77 at 0810 GMT. Both benchmarks were down more than 1%. U.S. Federal Reserve officials are concluding their latest two-day policy meeting on Wednesday and are expected to hold interest rates steady. A rate cut would act as a boost to economic growth and fuel demand. U.S. crude inventories rose 4.906 million barrels in the week ended April 26, according to market sources citing American Petroleum Institute figures, which defied expectations for a decline of 1.1 million barrels. Reuters

Home Business

Oil falls for a third day on Middle East ceasefire hopes

01-05-2024 12:05 PM

Ammon News - Oil fell more than 1% on Wednesday, losing ground for a third straight session on hopes of a ceasefire agreement in the Middle East and by rising crude inventories and production in top consumer the United States.

Expectations that a ceasefire agreement between Israel and Hamas could be in sight have grown following a renewed push led by Egypt, even as Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on Rafah.

Brent crude futures for July fell 95 cents to $85.38 a barrel, while U.S. West Texas Intermediate crude futures for June dropped $1.16 to $80.77 at 0810 GMT. Both benchmarks were down more than 1%.

U.S. Federal Reserve officials are concluding their latest two-day policy meeting on Wednesday and are expected to hold interest rates steady. A rate cut would act as a boost to economic growth and fuel demand.

U.S. crude inventories rose 4.906 million barrels in the week ended April 26, according to market sources citing American Petroleum Institute figures, which defied expectations for a decline of 1.1 million barrels.

Reuters

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