awakened Oil costs About 2 % to a six-week low on Tuesday as a result of elevated expectations of a ceasefire in Gaza and rising issues about demand in China.
Brent crude futures fell by $1.39, or 1.7 %, with the settlement worth set at $81.01 a barrel, whereas US West Texas Intermediate crude closed down $1.44, or 1.8 %, at $76.96.
This was the bottom for Brent and WTI since June 7, and pushed each benchmarks into technically overbought territory for the primary time since early June 2024.
US diesel futures additionally settled at their lowest ranges since June 7, whereas gasoline futures closed at their lowest ranges since June 14.
The conflict in Gaza supported oil futures as traders priced in potential disruptions to world crude oil provides in key Center East manufacturing areas.
“Ceasefire talks within the Center East and the unsure macroeconomic outlook in China are placing downward stress on oil costs this week,” mentioned Claudio Galimberti, director of market evaluation. world at Rystad, in a notice.
(Reuters)
2024-07-23 20:12:46
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