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Oil Prices Drop Amid Ceasefire Talks in the Middle East

Jul 6,2024

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rude oil prices fell as ceasefire talks in Gaza weighed against strong fuel demand and hurricane-related supply concerns. Brent closed at $86.54, while WTI settled at $83.16.

Crude oil prices declined on Friday due to increasing prospects of a ceasefire deal in Gaza, overshadowing the strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Brent crude futures fell by 89 cents (1.02%) to $86.54 per barrel, having reached a peak since April earlier in the session. U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 per barrel, down 72 cents (0.9%).

Despite the drop, Brent saw a 0.4% rise for the week, and WTI futures posted a 2.1% increase. The decrease in prices came after news of the head of Israel's Mossad returning from Doha following initial meetings with mediators for a Gaza ceasefire and hostage release deal, with negotiations set to resume next week.

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Daily Morning News

Oil Prices Drop Amid Ceasefire Talks in the Middle East

Jul 6,2024

Share

Descriptive Main Poster Image

rude oil prices fell as ceasefire talks in Gaza weighed against strong fuel demand and hurricane-related supply concerns. Brent closed at $86.54, while WTI settled at $83.16.

Crude oil prices declined on Friday due to increasing prospects of a ceasefire deal in Gaza, overshadowing the strong summer fuel demand and potential supply disruptions from Gulf of Mexico hurricanes. Brent crude futures fell by 89 cents (1.02%) to $86.54 per barrel, having reached a peak since April earlier in the session. U.S. West Texas Intermediate (WTI) crude futures settled at $83.16 per barrel, down 72 cents (0.9%).

Despite the drop, Brent saw a 0.4% rise for the week, and WTI futures posted a 2.1% increase. The decrease in prices came after news of the head of Israel's Mossad returning from Doha following initial meetings with mediators for a Gaza ceasefire and hostage release deal, with negotiations set to resume next week.

Quess Corp is undergoing a demerger and is currently trading at 298.20, having hit the upper circuit limit.

Indian stock market closed for Mahavir Jayanti holiday, and experts predict a possible gain for Nifty to 23,500 tomorrow.

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