Commodities and Futures News

Oil prices headed for weekly gains as Israel rejects ceasefire offer

2024.02.08 21:07


© Reuters. FILE PHOTO: An individual places fuel in a car at a fuel station in Manhattan, New York City, U.S., August 11, 2022. REUTERS/Andrew Kelly/File Photo

By Stephanie Kelly

(Reuters) – Oil prices rose in early commerce on Friday, on observe for weekly gains, with tensions persisting within the Middle East after Israel rejected a ceasefire offer from Hamas.

futures climbed 8 cents, or 0.1%, to $81.71 a barrel by 0119 GMT, whereas U.S. West Texas Intermediate crude futures rose 17 cents, or 0.2%, to $76.39 a barrel.

Oil prices rose about 3% within the earlier session as Israeli forces bombed the southern border metropolis of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to finish the warfare within the Palestinian enclave.

The tensions have saved oil prices elevated, with Brent and WTI each set to achieve 5.7% for the week.

U.S. officers made their most pointed criticism to date of Israel’s civilian casualties in Gaza as it turned the main focus of its offensive to Rafah.

A Hamas delegation arrived in Cairo on Thursday for ceasefire talks with mediators Egypt and Qatar.

While the battle has propped up prices, there was no affect on oil manufacturing.

However, with the Ukraine battle, a mix of drone assaults on Russian refineries and technical outages have led the nation to export extra crude than it deliberate in February, which might undermine its pledge to curb gross sales below an OPEC+ pact.

Under the take care of the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, Russia dedicated to capping crude output at 9.5 million barrels per day (bpd). It can be voluntarily reducing crude exports by 300,000 bpd and gas exports by 200,000 bpd from the common May-June stage.

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