WTI FALLS TO NEAR $82.00 DUE TO ONGOING DISCUSSION TO END GAZA CONFLICT
- WTI price loses ground due to ongoing discussions about a US ceasefire plan to end the Gaza war.
- Oil prices may appreciate as Tropical Storm Beryl could disrupt US energy supplies.
- Rising bets on Fed rate cuts could provide support for the Oil demand.
West Texas Intermediate (WTI) Oil price extends its losses, trading around $82.00 per barrel during the European session on Monday. This decrease is attributed to easing geopolitical tensions in the Middle East, particularly with the prospects of a ceasefire in Gaza. This development has alleviated concerns over supply disruptions. According to Reuters, discussions about a US ceasefire plan to end the nine-month-old conflict in Gaza are ongoing, with Qatar and Egypt mediating the negotiations.
The decline in Oil prices might be halted due to potential disruptions to US energy supplies from Tropical Storm Beryl. On Sunday, the ports of Corpus Christi, Houston, Galveston, Freeport, and Texas City were closed in preparation for Hurricane Beryl. The storm is expected to make landfall along the middle of the Texas coast between Galveston and Corpus Christi later on Monday, according to Reuters
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