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Oil rises after Israeli rejection of Hamas ceasefire plan

Oil rises after Israeli rejection of Hamas ceasefire plan
February 8, 2024 – 10:14

The drop in fuel and distillate stocks in the United States also has an impact.

Image: Freepik

The prices of Petroleum gained ground this Thursday, as investors assess the impact of Israel’s rejection of a ceasefire offer from Hamas and the unexpected drop in fuel and distillate stocks in USA.

The futures of Brent crude oil They rose 57 cents, or 0.72%, to $79.78 a barrel at 1043 GMT. U.S. West Texas Intermediate crude futures rose 47 cents, or 0.64%, to $74.33.

The Brent reference barrel is once again approaching $80, after registering Profits in each of the three previous sessions. “The recent strength is the result of the Israeli response to Hamas’ counteroffer to the original peace plan, which ensures that hostilities in the Red Sea will continue unabated,” said PVM analyst Tamas Varga.

The incidence of the Israel-Hamas war

The Israeli Prime Minister, Benjamin Netanyahurejected the last offer of Hamas ceasefire and return of the hostages held in the Gaza Strip, But the American Secretary of State, Antony Blinken, He stated that there was still room for negotiation.

A Palestinian delegation from Hamas led by senior official Khalil Al-Hayya was scheduled to travel to Cairo on Thursday for ceasefire talks with Egypt and Qatar.

The tensions in middle East have kept the market in suspense since October, with limited progress in talks to end the Gaza conflict.

While a larger-than-expected reduction in US inventories of gasoline and middle distillates also boosted the market Petroleum.

For their part, the distillate stocks fell by 3.2 million barrels, to 127.6 million, according to data from the Administration of Energy Information, compared to expectations of a decrease of 1 million barrels. The stocks of gasoline They fell by 3.15 million barrels, compared to analysts’ forecasts for an increase of 140,000 barrels.

The reduction of stocks of fuel, Combined with the increase in crude oil prices, it was a sign of the maintenance of US refineries, according to Varga.

Source: Ambito

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