Reported about 1 year ago
Oil prices settled lower as the possibility of a ceasefire deal in Gaza increased, outweighing strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Brent crude futures dropped 1.02% to $86.54 a barrel, while U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 a barrel. Despite this, Brent rose by 0.4% for the week, while WTI futures increased by 2.1%. Ceasefire talks in the Middle East and strong summer oil demand in the U.S. impacted oil prices, with an expected positive effect on the economic activity and crude oil demand due to the looming possibility of U.S. interest rate cuts.
Source: YAHOO