403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Oil prices decline during cease-fire anticipations in Middle East
(MENAFN) Oil prices dropped on Monday with anticipations that cease-fire discussions in the Middle East might yield good outcomes and figures indicating an economic decline in China, the main oil importer in the world.
The global oil benchmark of Brent crude declined 0.85 percent to USD74 per barrel at 10.57 a.m. local time (0757 GMT), a drop from the prior session's end of USD74.64.
The US benchmark West Texas Intermediate further dropped by 0.99 percent to USD70.40 per barrel, compared to USD71.11 at the previous session's end.
Based on the Israeli Broadcasting Authority (KAN), Premier Benjamin Netanyahu has approved to a US-supported cease-fire with Lebanon. quoting an Israeli source, the public broadcaster eleased that Netanyahu authorized US envoy Amos Hochstein to proceed with the cease-fire deal, which is anticipated to be declared within a couple of days.
Israeli sources assumed that the agreement with Lebanon is already signed and Netanyahu is now concentrating on how to display it to the public.
At the same time, expected development of the US dollar and the risk of high taxes throughout US President-elect Donald Trump’s second term are anticipated to impact oil prices.
Moreover, the economic decline in China, the biggest oil importer in the world, is exerting further downward tensions on oil prices.
The global oil benchmark of Brent crude declined 0.85 percent to USD74 per barrel at 10.57 a.m. local time (0757 GMT), a drop from the prior session's end of USD74.64.
The US benchmark West Texas Intermediate further dropped by 0.99 percent to USD70.40 per barrel, compared to USD71.11 at the previous session's end.
Based on the Israeli Broadcasting Authority (KAN), Premier Benjamin Netanyahu has approved to a US-supported cease-fire with Lebanon. quoting an Israeli source, the public broadcaster eleased that Netanyahu authorized US envoy Amos Hochstein to proceed with the cease-fire deal, which is anticipated to be declared within a couple of days.
Israeli sources assumed that the agreement with Lebanon is already signed and Netanyahu is now concentrating on how to display it to the public.
At the same time, expected development of the US dollar and the risk of high taxes throughout US President-elect Donald Trump’s second term are anticipated to impact oil prices.
Moreover, the economic decline in China, the biggest oil importer in the world, is exerting further downward tensions on oil prices.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment