Both Brent and WTI crudes lost 39 cents amid progress toward a ceasefire in the Middle East.
The prices of the Petroleum fell on Tuesday, pressured by growing expectations of a ceasefire in the war of Loopwhich offset the support provided by news of a possible interest rate cut in September in the European Union (EU)).
The futures of the Brent crude oil for delivery in September fell 39 cents to $82.01 a barrel, and West Texas Intermediate in the United States (WTI) for the same month was also down 39 cents at $78.01 at 11:35 GMT. Oil prices have fallen in the previous two sessions.
The vice president of the European Central Bank (ECB), Luis de Guindoshinted at a possible rate cut in September, improving investor sentiment as lower borrowing costs support demand and crude prices.
The ECB kept rates steady last week, but its president, Christine Lagardesaid the next meeting in September is “totally open.” Several monetary authorities are also openly considering the possibility of further cuts as pressures ease. inflationary pressures.
“He Petroleum “The market is moving within a range, only moderately upwards, and that support could come from most European stock markets in positive territory, benefiting from a risk-on environment,” said Giovanni Staunovo, of UBS.
In USAsome operators are also betting on a reduction in rates in September by the Federal Reserve (Fed).
In Middle Eastefforts to reach a ceasefire agreement between Israel and the militant group have gained momentum in the past month Hamasaccording to a plan outlined by the US president Joe Biden in May and with the mediation of Egypt and Qatar.
Source: Ambito
