Oil markets have turned decidedly bearish after U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to stop the war in Gaza
, and all that's remaining is for 'Hamas to say yes.' Blinken met on Monday with top Israeli officials in Jerusalem. After hitting four-week highs, the options market's so-called skew--the cost of insuring against spikes or troughs in prices--has turned bearish over the past couple of trading days, reversing bullish hedges against a fresh escalation in the Middle East.
According to Again Capital's John Kilduff, persistent soft Chinese economic data has been undermining any kind of price strength in oil markets. On the other hand, ANZ research analysts have pointed out that the prospect of weak demand in China is offsetting any gains from risks to supply, with government data showing that crude demand in the country fell 8% Y/Y in July. Last week, disappointing economic data revealed that China's industrial activity remains subdued.
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