Ana sayfa » Oil prices fell as the US said talks in Qatar could lead to a ceasefire agreement in Gaza

Oil prices fell as the US said talks in Qatar could lead to a ceasefire agreement in Gaza

Tensions in Europe, war and the decline in the number of drilling rigs in the USA limited the decline


Oil prices fell on Friday, and remained flat throughout the week as the possibility of a ceasefire in Gaza weakened crude oil indicators, while tensions in Europe and the decrease in the number of drilling rigs in the USA limited the decline.

Brent futures for May delivery lost 35 cents to $85.43. WTI crude fell 44 cents to settle at $80.63 a barrel. Both indicators changed less than 1% during the week.

Everyone watched what the weekend would bring to Gaza, and after successful peace talks, Yemen’s Houthi rebels will likely allow oil tankers to pass through the Red Sea.

Blinken said Thursday that he believes talks in Qatar could lead to a ceasefire agreement between Israel and Hamas in Gaza.

He met with Arab foreign ministers and Egyptian President Abdel Fattah El-Sisi in Cairo as negotiators concentrated on a ceasefire.

Meanwhile, the US dollar is poised for a second week of big gains after the Swiss National Bank’s surprise interest rate cut on Thursday supported global risk sentiment.

A strengthening dollar makes oil more expensive for investors holding other currencies, reducing demand.

A possible ceasefire would mean crude oil could move more freely globally, while the reduced number of oil rigs in the US and the potential for lower US interest rates have helped support prices.

But new highs remain on the table, given the broad-based expansion in risk appetite that accelerated following midweek Fed comments that proved less hawkish than expected.

U.S. stocks, which tend to move in conjunction with oil prices, hit record highs after the Federal Reserve ended its regular meeting on Wednesday with no change in U.S. interest rates.

The number of oil rigs in the US fell by one this week to 509, according to Baker Hughes data; This means future supply will decrease.

Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) said money managers increased their net long U.S. crude futures and options positions last week.

Conflicts in Eastern Europe also prevented oil prices from falling. Russia on Friday launched its largest missile and drone strike to date in the war on Ukraine’s energy infrastructure, striking the country’s largest dam and causing power outages in many regions.

There are talks in the market that Russia will further reduce its prices in light of the rise. A higher discount would make Russian crude more attractive to international buyers.

By the way, an armed attack was carried out on the concert hall of Crocus City Hall in the capital Moscow on Friday evening. It was reported that at least 143 people lost their lives and 146 people were injured.

While DAESH claimed responsibility for the massacre, 11 people were detained. Russian sources stated that 4 of the 11 people detained were the people who carried out the attack.

We will see the consequences on Monday.