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Oil prices dip as Middle East ceasefire calms supply fears
TOPICSTags: Gaza, Middle East, Oil, The Fed
On Tuesday, oil prices declined as Israel agreed to a proposal aimed at resolving disputes hindering a Gaza ceasefire, alleviating concerns over potential supply disruptions in the Middle East. WTI eased 2.2%, closed at 73.80 yesterday.
U.S. Secretary of State Antony Blinken announced that Israeli Prime Minister Benjamin Netanyahu had accepted a “bridging proposal” from Washington to address the disputes obstructing a ceasefire agreement in Gaza, urging Hamas to do the same.
On the demand front, concerns over China’s economic challenges also weighed on oil prices. Meanwhile, investors are also anticipating signals from the U.S. Federal Reserve regarding its upcoming interest rate decision. A rate cut is highly likely to happen in September. Lower interest rates reduce borrowing costs, potentially stimulating oil demand in the world’s largest oil-consuming nation.
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