West Texas Intermediate (WTI) extended losses for the third session, trading around $81.50 per barrel in Asian markets on Tuesday. Crude oil prices faced pressure after Hurricane Beryl, which struck a key US oil-producing hub in Texas, caused less damage than anticipated by markets. Despite slowdowns in refining activity and evacuations at production sites, major … Read more
Countries mediating ceasefire negotiations, including Qatar, the USA, and Egypt, called on Israel and Hamas to finalize an agreement based on a plan presented by US President Joe Biden. The plan includes a three-phase approach to achieve a permanent ceasefire, with conditions such as the release of hostages and the withdrawal of troops. Israeli Prime Minister Benjamin Netanyahu stated his government’s conditions for a ceasefire, including the destruction of Hamas and the release of all hostages. Hamas responded cautiously, demanding the withdrawal of Israeli troops before agreeing to a ceasefire. Netanyahu faces pressure from both right-wing ministers and Israeli citizens demanding the return of hostages.
– West Texas Intermediate (WTI) crude oil was up slightly and hovering around .50 a barrel in Asian trading on Tuesday following Israel’s strike on Rafah in Gaza.
– Israeli forces targeted Rafah on Gaza’s southern edge through air and ground attacks, leading to concerns about potential disruptions in crude supplies from the region.
– Hamas accepted a ceasefire proposal from mediators, but Israel rejected the terms.
– Analyst forecasts suggested that crude oil and product stockpiles in the United States were anticipated to have declined last week.
– US President Joe Biden’s energy adviser stated that the US has ample oil supply in the Strategic Petroleum Reserve (SPR) to address any supply-related worries.
– The SPR remains close to 40-year lows despite the largest-ever sale of 180 million barrels following Russia’s invasion of Ukraine.
– The Biden administration has halted the repurchase of oil for the reserve due to crude trading above the targeted price of .00 per barrel.