403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Oil Prices Dip Below $80 As Gaza Ceasefire Looms
(MENAFN- The Rio Times) Oil prices retreated from recent gains, dropping below the $80 per barrel mark. This decline comes as a potential ceasefire between Israel and Hamas appears imminent.
The news outlet MoneyTimes reported this development in the energy markets. Brent crude, the global oil benchmark, fell 1.34% to $79.92 per barrel for March contracts.
The decline occurred on the Intercontinental Exchange in London. Meanwhile, West Texas Intermediate (WTI) crude for February delivery dropped 1.20% to $76.37 per barrel on the New York Mercantile Exchange.
The prospect of a ceasefire agreement between Israel and Hamas significantly impacted oil prices. CBS News reported that the deal, which includes the release of hostages, may be finalized this week. This development eased geopolitical tensions in the Middle East.
The U.S. Energy Information Administration (EIA ) released its "Short-Term Energy Outlook" report. The EIA forecasts downward pressure on oil prices in 2025 and 2026. Global production growth is expected to outpace demand during this period.
Oil Market Outlook
The EIA projects Brent crude prices to decrease by about 8% to an average of $74 per barrel this year. For 2026, the forecast drops further to $66 per barrel. These projections suggest a bearish outlook for oil markets in the coming years.
U.S. sanctions on Russian oil producers limited the oil price decline. The sanctions target companies like Gazprom Neft and Surgutneftegaz, along with 183 vessels involved in oil transport.
This action creates uncertainty in the global oil supply chain. Asian oil buyers are seeking support from their OPEC+ partners due to potential supply disruptions.
Bloomberg sources indicate that these buyers are concerned about the impact of the U.S. sanctions on Russian oil producers. The oil market remains sensitive to geopolitical events and supply-demand dynamics.
Traders closely monitor developments in the Middle East and global production trends. These factors continue to influence short-term price movements in the volatile energy sector.
The news outlet MoneyTimes reported this development in the energy markets. Brent crude, the global oil benchmark, fell 1.34% to $79.92 per barrel for March contracts.
The decline occurred on the Intercontinental Exchange in London. Meanwhile, West Texas Intermediate (WTI) crude for February delivery dropped 1.20% to $76.37 per barrel on the New York Mercantile Exchange.
The prospect of a ceasefire agreement between Israel and Hamas significantly impacted oil prices. CBS News reported that the deal, which includes the release of hostages, may be finalized this week. This development eased geopolitical tensions in the Middle East.
The U.S. Energy Information Administration (EIA ) released its "Short-Term Energy Outlook" report. The EIA forecasts downward pressure on oil prices in 2025 and 2026. Global production growth is expected to outpace demand during this period.
Oil Market Outlook
The EIA projects Brent crude prices to decrease by about 8% to an average of $74 per barrel this year. For 2026, the forecast drops further to $66 per barrel. These projections suggest a bearish outlook for oil markets in the coming years.
U.S. sanctions on Russian oil producers limited the oil price decline. The sanctions target companies like Gazprom Neft and Surgutneftegaz, along with 183 vessels involved in oil transport.
This action creates uncertainty in the global oil supply chain. Asian oil buyers are seeking support from their OPEC+ partners due to potential supply disruptions.
Bloomberg sources indicate that these buyers are concerned about the impact of the U.S. sanctions on Russian oil producers. The oil market remains sensitive to geopolitical events and supply-demand dynamics.
Traders closely monitor developments in the Middle East and global production trends. These factors continue to influence short-term price movements in the volatile energy sector.
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
More Story
Comments
No comment