Israel is waiting for Hamas to respond to a cease-fire proposal, an Israeli official told NBC News.
"With little other fresh news, the possible cooling of the Gaza environment sees oil prices slip," John Evans, analyst with oil broker PVM, wrote in a note on Monday.
A view of the damaged buildings and streets after months of Israeli bombardment which have turned the city into piles of rubble and ash in Khan Yunis, Gaza on April 19, 2024.Crude oil futures fell Monday as the U.S. Secretary of State made a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza and head off an Israeli offensive against Rafah.
A successful cease-fire agreement would likely further ease the geopolitical risk premium factored into oil prices on fears that the war in Gaza could trigger a broader conflict in the Middle East that disrupts crude supplies.June contract: $88.66 a barrel, down 84 cents or 0.94%. Year to date, the global benchmark has risen nearly 15%.Secretary of State Antony Blinken held talks with Arab leaders in Saudi Arabia on Monday. He will travel to Israel and Jordan on Tuesday.
Evans said heating oil and distillates are also weighing on crude oil prices as as stocks of the refined products expand and demand shrinks. Natural gas is also challenging the market withMorgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks
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