Oil down slightly after the announcement of a ceasefire in the Middle East

Oil prices fell on Tuesday after the announcement by Israeli Prime Minister Benjamin Netanyahu of a ceasefire in the war with Lebanese Hezbollah, but remained contained by the prospect of maintaining oil quotas. production of the OPEC+ cartel. A barrel of Brent from the North Sea for delivery in January fell 0.27% to 72.81 dollars.

Its American equivalent, a barrel of West Texas Intermediate (WTI), for delivery the same month, fell 0.25% to $68.77. Black gold prices have “lowered following the ceasefire announcements in the Middle East (…) which reduced the geopolitical risk premium on the market”commented to AFP Andy Lipow, of Lipow Oil Associates.

Benjamin Netanyahu announced on television on Tuesday an agreement within the security cabinet for a ceasefire in Lebanon where Israel is fighting the Islamist movement Hezbollah, without specifying its duration. He warned, however, that his country “(would answer)” if Hezbollah violated the truce and retained freedom of action “total” in Lebanon.