With hopes of a ceasefire in the Middle East, crude oil fell for the third consecutive day

With hopes of a ceasefire in the Middle East, crude oil fell for the third consecutive day

Brent fell 3.3%, while West Texas Intermediate lost 3.58%.

Photo: Freepik

He Petroleum fell more than 3% this Wednesday for the third consecutive session against hopes of a ceasefire agreement in Middle East and an increase in production and crude oil inventories by USAthe main consumer.

Expectations that a ceasefire agreement will be reached between Israel and Hamas grew after a renewed push led by Egypt, even when the Israeli prime minister, Benjamin Netanyahu promised to continue with the assault on Rafah (Gaza).

Crude oil futures Brent They closed down 3.3% ($2.89) to $83.44 a barrel, their lowest since March 15. For their part, US crude oil futures West Texas Intermediate (WTI) They lost 3.58% ($2.93) to $79 per barrel, after previously hitting a low not seen since March 21.

“The crude oil market is weighed down by continued hopes for a ceasefire,” he said this morning Ole Hansenfrom Saxo Bank, who also advanced that “stubborn US inflation has further reduced expectations of rate cuts.”

This Wednesday, the United States Federal Reserve (Fed) decided to continue with his current restrictive monetary policy and maintain interest rates at the current range of 5.25%-5.50%due to the recent and” disappointing” readings of inflation in the North American country.

US crude oil inventories continue to rise

US crude oil inventories rose by 4.906 million barrels in the week ended April 26, according to market sources citing figures from the American Petroleum Institutecompared to expectations of a decrease of 1.1 million barrels.

On Tuesday, the EIA said U.S. production rose to 13.15 million barrels per day in February from 12.58 million in January, its biggest monthly increase in about 3 1/2 years.

Source: Ambito

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