Oil prices lower as senior Israeli official sees signs of progress on hostage deal - CNBC
Crude oil prices today: WTI, Brent lower on signs of Gaza hostage deal progress
Oil Prices and News
Oil prices lower as senior Israeli official sees signs of progress on hostage deal
Crude oil futures were slightly lower Thursday as a senior Israeli official sees initial signs of progress toward a deal to release hostages held in Gaza and as the market awaits for U.S. inventory data.
The West Texas Texas Intermediate contract fell 47 cents, or 0.6%, to $77.44 a barrel. The Brent contract for April dropped 53 cents, or 0.64%, to $82.50 a barrel.
Israel war cabinet member Benny Gantz said Wednesday that efforts to "promote a new outline" to secure the release of hostages "indicate the possibility of moving forward."
White House Middle East envoy Brett McGurk will meet with Prime Minister Benjamin Netanyahu Thursday to discuss efforts to free hostages held by Hamas.
A temporary ceasefire in exchange for releasing hostages in Gaza would potentially reduce the risk of the conflict engulfing the Middle East and disrupting crude supplies.
The U.S. Energy Information Agency will release its weekly petroleum supply report at 10:30 a.m. EST.
Futures are down less than 1% week to date, after crude rallied last week on escalating tensions in the Middle East. U.S. crude has gained 8.5% for the year while the global benchmark has added 7.57%.
Don't miss these stories from CNBC PRO:
Warren Buffett's Berkshire keeps new stock pick secret — again. Here's what it means
Michael Burry of 'The Big Short' fame buys Amazon, Alphabet and a dozen other new stocks
Move over, Nvidia. There's a new hot AI play that has soared 960% in the past year
Morgan Stanley's Slimmon names 3 stocks to buy right now: 'It's going to be a good year for equities'
This little-known bank is offering one of the highest CD rates
Related Knowledge Center: Climate diplomacy
Talks are well underway in preparation for the next major international meeting on climate change, 28th Conference of the Parties (COP28), scheduled to begin Nov. 30 in the United Arab Emirates.
Much like last year’s COP27, finances — specifically, aid to developing nations — will be at the center of conference deliberations.
The conference faces an even greater sense of urgency brought on by the Sept. 8, 2023, release of the first global stocktake, which calls for accelerated action to meet the goals set in the 2015 Paris Climate Agreement (COP21).
Climate diplomacy: COP 27 | Climate diplomacy: COP 28 | Climate diplomacy: COP 29