Brent crude oil futures fell 0.9% and West Texas Intermediate futures fell 0.6% after rising 4% last week.
The prices of Petroleum fell this Monday due to signs of calm in Middle East generated after Israel withdrew soldiers from Loop and pledged to engage in new talks about a possible ceasefire in the 6-month-old conflict.
The futures of Brent crude oil fell 79 cents, or 0.9%, to $90.38 a barrel, while U.S. crude West Texas Intermediate (WTI) It lost 48 cents, or about 0.6%, to $86.42 a barrel.
The prices of Petroleum had risen nearly 4% last week due to the escalation of geopolitical tensions and the confirmation of the agenda of reductions in the production of the OPEC+.
Israel said Sunday that it had withdrawn more soldiers from southern Gaza, leaving only one brigade. The country has been reducing troops since the beginning of the year to relieve reservists and is receiving increasing pressure from its allies to improve the humanitarian situation.
Meanwhile, the Israeli government and the group considered terrorist Hamas resumed ceasefire talks and sent teams to Egypt to hold talks before the Eid holidays, although a Gazan official stated on Monday that there had been no progress in the new round of talks.
Among the factors affecting the outlook for demand for Petroleumthe employment report USA Friday suggests the economy ended the first quarter on solid ground, which could lead to Federal Reserve (Fed) to delay interest rate cuts this year.
Investors will analyze consumer price index data from the United States and China looking for new clues about the timing of possible Federal Reserve cuts and to gauge the economic health of the two largest consumers of Petroleum of the world.
The market does not currently have enough physical elements to justify a rise beyond $90 to $100 per barrel, said John Evans of the brokerage. PVM to the Reuters agency. “But given the powder keg nature of the current geopolitical crises in Middle East and Ukraine/Russiaand the increased interest of big capital, the bearish potential is also limited at present,” he added.
Source: Ambito
