{"id":9769,"date":"2024-02-09T11:14:12","date_gmt":"2024-02-09T11:14:12","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=9769"},"modified":"2024-02-09T11:14:12","modified_gmt":"2024-02-09T11:14:12","slug":"oil-heads-for-weekly-gains-after-israel-rejects-ceasefire-offer","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/9769\/","title":{"rendered":"Oil heads for weekly gains after Israel rejects ceasefire offer"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0Oil prices were little changed on Friday, staying on track for weekly gains, with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas.<\/p>\n

Brent crude futures slipped 6 cents, or 0.1%, to $81.69 a barrel by 0851 GMT, while U.S. West Texas Intermediate crude futures rose 21 cents, or 0.3%, to $76.43 a barrel.<\/p>\n

Prices rose about 3% in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave.<\/p>\n

The tensions have kept oil prices elevated, with Brent and WTI both set to gain nearly 6% for the week.<\/p>\n

“With the words that, ‘no part of the Gaza Strip would be immune from Israel’s offensive’, it was not hard for oil participants to conclude that without even a passing regard for peace, there was not enough conflict-premium priced in,” PVM analyst John Evans said.<\/p>\n

U.S. officials made their most pointed criticism so far of Israel’s civilian casualties in Gaza as it turned the focus of its offensive to Rafah.<\/p>\n

A Hamas delegation arrived in Cairo on Thursday for ceasefire talks with mediators Egypt and Qatar.<\/p>\n

While the conflict has propped up prices, there has been no impact on oil production.<\/p>\n

Non-OPEC output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned under an OPEC+ deal, following a combination of drone attacks and technical outages at its refineries.<\/p>\n

On Friday, a fire broke out at the Ilsky oil refinery in Russia’s southern Krasnodar region, which was put out within one hour, regional authorities said in a statement.<\/p>\n

Meanwhile, the U.S. Treasury Department on Thursday sanctioned another three entities based in the United Arab Emirates (UAE) and one tanker registered by Liberia for violating a cap placed on the price of Russian oil by a coalition of Western nations.<\/p>\n

Deflation risks in China, the world’s top crude oil importer, are also weighing on global oil prices, IG analyst Tony Sycamore said.<\/p>\n

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Updated on