In the early morning of the 30th Beijing timeplayfreebingo, U.S. WTI crude oil futures closed down on Monday. The market is watching the possibility of a ceasefire agreement between Palestine and Israel.
West Texas Intermediate crude oil (WTI) futures for June delivery closed down 1.5 percent on the New York Mercantile Exchangeplayfreebingo.22 dollarsplayfreebingo, a decrease of 1playfreebingo.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.