Crude oil prices fell by more than two dollars, due to the possible truce and the strength of the US currency.
The oil prices fell more than $2 on Friday as investors reacted to renewed hopes for a ceasefire in Loop, while the strength of the dollar put even more pressure on the market.
The crude Brent fell $2.48, or 2.91%, to $82.63 a barrel, while U.S. crude futures West Texas Intermediate (WTI) fell $2.69, or 3.25%, to $80.13.
Meanwhile, the dollar index rose for a second straight session, following better-than-expected labor market and manufacturing data earlier in the week. A stronger greenback curbs the oil demand denominated in dollars by buyers with other currencies.
The lack of concrete measures of stimulus from China, the world’s top oil importer, also weighed on commodities, analysts said. ANZ.
The blackout and the possible ceasefire in Gaza
On the other hand, a global cyber blackout It affected operations in multiple sectors: airlines suspended flights, some channels stopped broadcasting, and everything from banking to healthcare suffered system problems.
US Secretary of State, Antony Blinken, He anticipated that a long-sought ceasefire is in sight between Israel and the Palestinian militant group Hamas.
“I think we’re inside the 10-yard line and moving toward the finish line to get an agreement that will produce a ceasefire, bring the hostages home and put us on a better path to try to build a peace and lasting stability,” Blinken said.
The war in Gaza has led investors to value a risk premium when trading Petroleum, as tensions pose a threat to global supplies. If a ceasefire is reached, the rebels Houthis backed by Iran could ease their attacks on commercial vessels in the Red Sea, as the group declared the attacks in support of the Palestinian militant group Hamas in its fight against Israel.
Also in its strongest findings yet on the Israeli-Palestinian conflict, the United Nations’ highest court said Friday that Israel’s occupation of Palestinian territories and settlements there is illegal and should be withdrawn as soon as possible, further fueling hopes for an end to the conflict.
Source: Ambito
