Negotiations between Israel and Hamas fail to reach an agreement. Mexico announced that it will withdraw more crude oil from the world market.
The prices of Petroleum rise this Tuesday, after hopes have diminished that the negotiations between Israel and Hamas lead to a ceasefire in Loop, and for the plan Mexico to withdraw more crude oil from the world market.
Crude oil futures Brent They rose 28 cents, or 0.31%, to $90.66 a barrel at 1002 GMT. US crude oil futures West Texas Intermediate (WTI) you gain 24 cents, or 0.28%, to $86.67.
On Monday, a new round of talks between Israel and Hamas in Cairo had ended a comeback of several days, leading to the Brent to its first decline in five sessions and the WTI to its first in seven due to the prospects of an advance.
No hope in the Middle East
However, the fact that the Israeli Prime Minister, Benjamin Netanyahusaid on Monday that a date had been set for the Israeli invasion of the Rafah enclave in Loop, dashed hopes that tensions in the region might be easing, IG analyst Tony Sycamore said in a note.
The continuation of the conflict keeps alive the risk that other countries will become involved, especially Iran, which is one of the main supports of Hamas and the third producer of the Organization of Petroleum Exporting Countries (OPEC).
The view in Mexico and the United States
On the other hand, the Mexican state oil company Pemex announced that it would reduce its crude oil exports by 330,000 barrels per day to supply national refineries, which would reduce supply to its American, European and Asian buyers by a third. Pemex it had already cut its April exports by 436,000 bpd.
Investors are also watching the data. inflation of USA and China to know the economic direction of the two main oil consumers in the world, as well as the decision on the interest rates that the European Central Bank Thursday.
Source: Ambito
