{"id":10585,"date":"2024-05-01T07:58:01","date_gmt":"2024-05-01T07:58:01","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=10585"},"modified":"2024-05-01T07:58:01","modified_gmt":"2024-05-01T07:58:01","slug":"oil-falls-for-a-third-day-as-middle-east-ceasefire-hopes-rise","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/10585\/","title":{"rendered":"Oil falls for a third day as Middle East ceasefire hopes rise"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0\u00a0Oil prices fell for a third day on Wednesday amid increasing hopes of a ceasefire agreement in the Middle East and on rising crude inventories and production in the U.S., the world’s biggest oil consumer.<\/p>\n

Both oil price benchmarks were down more than 1% at 0650 GMT. Brent crude futures for July were 88 cents lower at $85.45 a barrel, while U.S. West Texas Intermediate crude futures for June were 90 cents lower at $81.03 per barrel.<\/p>\n

Expectations that a ceasefire agreement between Israel and Hamas could be in sight, following a renewed push led by Egypt to revive stalled negotiations between the two, pushed oil prices lower.<\/p>\n

“The potential for a ceasefire agreement between Israel and Hamas has eased concerns of an escalation of the conflict and any possible disruptions to supply,” ANZ analysts said in a note on Wednesday.<\/p>\n

However, Israeli Prime Minister Benjamin Netanyahu vowed on Tuesday to go ahead with a long-promised assault on the southern Gaza city of Rafah, whatever the response by Hamas to the latest proposals for a halt to the fighting and a return of Israeli hostages.<\/p>\n

Also pressuring prices were swelling U.S. crude oil inventories and rising crude supply.<\/p>\n

U.S. crude oil inventories rose 4.906 million barrels in the week ended April 26, according to market sources citing American Petroleum Institute figures, which defied expectations for a decline of 1.1 million barrels.<\/p>\n

Traders will be waiting to see if official data from the Energy Information Administration (EIA) due at 1430 GMT confirms the build.<\/p>\n

U.S. production rose to 13.15 million barrels per day (bpd) in February from 12.58 million bpd in January, its biggest monthly increase in about 3-1\/2 years, the EIA said on Tuesday.<\/p>\n

“Continued signs of inflation also raised concerns about demand for crude oil. This comes ahead of the U.S. driving season, where demand for gasoline rises strongly,” analysts at ANZ said.<\/p>\n

Keeping oil from slipping further, output by the Organization of the Petroleum Exporting Countries (OPEC) was seen falling by 100,000 bpd in April to 26.49 million bpd, a Reuters survey found on Tuesday.<\/p>\n

The survey reflected lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.<\/p>\n

Updated on