In the early morning of the 30th Beijing timecrashgamblingfree, U.S. WTI crude oil futures closed down on Monday. The market is watching the ceasefire agreement reached between Palestine and Israelcrashgamblingfreepossibilities.
West Texas Intermediate crude oil (WTI) futures for June delivery closed down 1.5 percent on the New York Mercantile Exchangecrashgamblingfree.22 dollars, a decrease of 1.1crashgamblingfree.45%, closing at US$82.63 a barrel.
If the Palestinians and Israelis succeed in reaching a ceasefire agreement, the geopolitical risk premium on oil prices may be further reduced. Investors in the crude oil market had previously worried that the war in Gaza could trigger a broader conflict in the Middle East, thus disrupting crude oil supplies.
An Israeli official said on Monday that Israel was waiting for Hamas to respond to a ceasefire proposal that would release 33 hostages in exchange for Palestinian prisoners. A Hamas delegation is expected to discuss a ceasefire proposal in Cairo on Monday.