Oil Declines as US Steps Up Efforts to Secure a Truce in Gaza - Yahoo Finance
Oil Declines as US Steps Up Efforts to Secure a Truce in Gaza
(Bloomberg) -- Oil slipped as the US pushed to broker a peace deal between Israel and Hamas that would reduce geopolitical tensions in the Middle East.
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Brent crude traded below $89 a barrel after gaining 2.5% last week, while West Texas Intermediate dropped toward $83. US Secretary of State Antony Blinken will step up efforts to secure a truce in Gaza during a visit to the region. The White House said Israel has agreed to hear out its concerns to hold off invading Rafah until meeting with the Americans.
Crude has risen this year on OPEC+ supply cuts and heightened tensions in Ukraine and the Middle East — the source of about a third of the world’s crude. Meanwhile, shifting expectations for US monetary policy are weighing on the demand outlook, and traders will look to a Federal Reserve meeting on Wednesday to gauge the prospects of rate cuts this year.
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.