Oil falls on discussions around a truce in Gaza

London: Oil prices fell on Monday, due to a certain easing of geopolitical concerns, while a Hamas delegation is due to discuss a truce proposal in Gaza in Cairo.

Around 9:20 a.m. GMT (11:20 a.m. CET), the price of a barrel of Brent BRENT Brent, or North Sea crude, is a variation of crude oil serving as a benchmark in Europe, listed on the InterContinentalExchange (ICE), a stock exchange specializing in energy trading. It became the first international standard for setting oil prices. from the North Sea, for delivery in June, fell by 0.69% has $88.88.

Its American equivalent, the barrel of West Texas Intermediate (WTI WTI West Texas Intermediate (WTI), also called Texas Light Sweet, is a variation of crude oil that serves as a standard in setting the price of crude and as a raw material for oil futures contracts with the Nymex (New York Mercantile Exchange). ), the stock exchange specializing in energy.), for delivery the same month, lost 0.36% has $83.49.

“With little other news, the possible cooling“Gaza’s environment causes oil prices to fall, by dampening the risk premium, explains John Evans of PVM Energy.

In Cairo, a meeting is planned for Monday between representatives of Egypt and Qatar – two of the mediator countries with the United States – and a delegation from Hamas.

Hamas must give its response to a proposed truce negotiated between Israel and Egypt, and associated with a release of hostages held in the Gaza Strip, where deadly Israeli strikes particularly targeted the town of Rafah.

Alongside the negotiations taking place in Egypt, American Secretary of State Antony Blinken arrived in Saudi Arabia on Monday, during a new tour of the Middle East to promote a truce after almost seven months of war, which will also take him into Israel.

Prices were not particularly supported by kyiv’s announcement on Saturday of Ukrainian drone strikes which notably hit two Russian oil refineries in the southern region of Krasnodar during a large-scale night attack.

Russian authorities previously reported a fire at a refinery in the town of Slavyansk-on-Kuban and state media said the facility had partially halted production.

“The Slavyansk refinery has a capacity of approximately 140,000 barrels per day and is one of the closest installations to the war zone in eastern Ukraine“, explain the analysts at DNB Markets.