2024-04-30 06:25:39
InfoQuest – West Texas crude oil (WTI) contracts in New York closed negative Monday (April 29) after reports that a group of Hamas leaders had traveled to Egypt to participate in Ceasefire talks in the Gaza Strip. This news helped the market ease concerns about conflicts in the Middle East.
The WTI crude oil contract will be delivered in June. fell 1.22 or 1.45% to close at $82.63/barrel.
The Brent crude oil contract (BRENT) will be delivered in June. fell $1.10 or 1.23% to close at $88.4/barrel.
A group of senior Hamas officials led by Hamas deputy leader Khalil al-Hayya. arrived in Egypt to participate in ceasefire negotiations in Gaza. Mediation was carried out by Egyptian, Qatari and American officials. Meanwhile, Egyptian Foreign Minister Sameh Shukri said: He hopes that Israel and Hamas will reach a new ceasefire agreement.
Israeli Foreign Minister Israel Kaats said the Israeli government would suspend its ground operations against Rafah. If Israel and Hamas reach a ceasefire agreement during ongoing negotiations in Cairo, Egypt,
Oil prices have also been pressured by concerns that the Federal Reserve (Fed) may keep interest rates high for longer than expected. After the United States released the higher-than-expected Personal Consumption Expenditure (PCE) Price Index.
Investors will be keeping an eye on the Fed’s April 30-May 1 policy meeting, as well as Fed Chairman Jerome Powell’s press conference, for signs that interest rates may be further cut , the Fed’s first this year.
LSEG information indicates that Markets expect the Fed to cut interest rates by just 0.35% this year, compared to 1.50% previously expected this year.
Investors are also waiting to see the crude oil inventory report from the U.S. Energy Information Administration (EIA) on Wednesday.
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