Oil prices fall on Mideast ceasefire hopes | REUTERS
the conflict in Gaza has rocked oil
markets sending prices higher Traders
have feared an unpredictable escalation
potentially hitting supplies in the
region on Wednesday however there were
signs of those concerns easing us and
international oil prices fell on growing
hopes for a ceasefire that follows a
renewed Push by Egypt to revive talks
between Israel and militant group Hamas
which runs Gaza Benchmark crew prices
fell over 1% in early European trade in
response down for a third straight day
other factors also weigh on the market
new figures showed a rise in US oil
stocks defying forecasts for a fall the
country also saw its biggest monthly
increase in production for over 3 years
keeping oil from slipping any further
was a reuter survey pointing to a
falling output from OPEC
nations that reflects lower exports from
Iran Iraq and Nigeria back in January
the oil producing group of Nations and
allies agreed voluntary cuts to Output
in a bid to prop up prices
Oil prices fell for a third day amid increasing hopes of a ceasefire agreement in the Middle East and on rising crude inventories and production in the US, the world’s biggest oil consumer.
#News #oil #markets #middleeast #ceasefire #Reuters #Newsfeed
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