Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2024 02 08T013933Z 1 LYNXMPEK1701U RTROPTP 4 GLOBAL OIL - Business Express

Oil rises on slim progress in Gaza peace talks, weaker dollar


Oil rises on slim progress in Gaza peace talks, weaker dollar

By Katya Golubkova and Jeslyn Lerh

SINGAPORE (Reuters) -Oil extended gains on Thursday after Israel rejected a ceasefire offer from Hamas, while a weaker dollar also supported prices.

Brent crude futures rose 30 cents, or 0.4%, at $79.51 a barrel at 0400 GMT. U.S. West Texas Intermediate crude futures climbed 26 cents, or 0.4% to $74.12 a barrel.

Wider Middle East tensions have kept the market on edge since October, with limited progress in talks to end the Gaza conflict.

Israeli Prime Minister Benjamin Netanyahu rejected Hamas’ latest offer for a ceasefire and return of hostages held in the Gaza Strip, but U.S. Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.

A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar.

A weaker dollar also supported oil prices on Thursday as it makes crude less expensive for traders holding other currencies.

The dollar index, which measures the greenback against six major peers, fell to 103.99 at 0400 GMT.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email.

On the demand side, a stronger-than-expected drawdown in U.S. gasoline and middle distillate stocks also buoyed the oil market.

Distillate stockpiles fell by 3.2 million barrels to 127.6 million barrels, Energy Information Administration data showed, versus expectations for a 1 million-barrel drop. Gasoline stocks fell by 3.15 million barrels, compared with analysts’ estimates for a build of 140,000 barrels.

On the back of those falling inventories, U.S. refinery margins continued to strengthen, said ING analysts in a note.

“The strength in refinery margins should provide some support to crude oil, by driving stronger crude demand as refineries look to increase run rates and take advantage of stronger margins,” the ING analysts said.

The drop in gasoline stocks and a 13% year-on-year rise in U.S. oil exports to a record 4.06 million barrels per day in 2023 “both indicate stronger demand for crude”, ANZ Research said in a note.

(Reporting by Katya Golubkova In Tokyo and Jeslyn Lerh in Singapore; Editing by Sonali Paul)

 

Recent Post: