Commodities and Futures News

Oil edges up with slim progress in Gaza peace talks

2024.02.07 20:48


© Reuters. FILE PHOTO: An aerial view reveals oil tanks of Transneft oil pipeline operator on the crude oil terminal Kozmino on the shore of Nakhodka Bay close to the port metropolis of Nakhodka, Russia June 13, 2022. Picture taken with a drone. REUTERS/Tatiana Meel/File Photo

By Katya Golubkova

TOKYO (Reuters) – Oil costs rose on Thursday after Israel rejected a ceasefire provide from Hamas, as talks continued to attempt to finish the Gaza battle and wider Middle East tensions which have saved the market on edge since October.

Signs of strong U.S. gas demand additionally bolstered the market’s upward development this week.

futures had been up 22 cents, or 0.28%, at $79.43 a barrel at 0132 GMT. U.S. West Texas Intermediate crude futures rose 19 cents, or 0.26% to $74.05 a barrel.

Israeli Prime Minister Benjamin Netanyahu rejected Hamas’ newest provide for a ceasefire and return of hostages held in the Gaza Strip, however U.S. Secretary of State Antony Blinken mentioned there was nonetheless room for negotiation towards an settlement.

A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was as a consequence of journey on Thursday to Cairo for ceasefire talks with Egypt and Qatar.

On the demand aspect, a a lot stronger-than-expected drawdown in gasoline shares in the U.S. reported on Wednesday continued to buoy the market.

The U.S. Energy Information Administration reported U.S. gasoline shares fell by 3.15 million barrels final week in contrast with analysts’ estimates for a construct of 140,000 barrels.

The drop in gasoline shares and a 13% year-on-year rise in U.S. oil exports to a document 4.06 million barrels per day in 2023 “both indicate stronger demand for crude”, ANZ Research mentioned in a observe.

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