Hopes for a ceasefire in the Middle East, combined with potential Saudi production increases and Libyan export restarts, are pressuring oil prices downward.
Crude oil prices ticked slightly higher earlier today but soon reversed course as the United States, the European Union and several Arab nations called for a temporary ceasefire between Israel and Lebanon . In more bearish news, the Financial Times reported Saudi Arabia was ready to drop its oil price target of $100 per barrel and boost production to regain market share, according to unnamed sources.
Israel’s United Nations ambassador, Danny Danon, said the country does not oppose a ceasefire and would prefer a diplomatic solution to the situation, pointing the finger at Iran as “the nexus of violence” in the region, per Reuters, saying it had to be eliminated as a threat if peace in the Middle East was to be restored. The ceasefire negotiations may well weigh on oil prices, in addition to continued demand pessimism despite the U.S.
Ceasefire Israel Lebanon Saudi Arabia Production Demand Libya Exports Elections
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