All articles tagged with #energy news
Oil prices edged lower at the start of the second quarter after a strong first quarter, with WTI and Brent contracts showing slight declines. The rise in oil prices has been driven by expectations of strong global demand and OPEC+ holding barrels off the market, while geopolitical risks such as Ukraine strikes on Russian oil refineries and Houthi militant attacks in the Red Sea have impacted crude deliveries.
Crude oil futures fell as President Joe Biden indicated a possible ceasefire in the Israel-Hamas conflict by next Monday, with WTI and Brent futures dropping slightly. Biden mentioned an agreement by Israel to refrain from activities during Ramadan to facilitate the release of hostages, but a senior Hamas official downplayed hopes for a ceasefire without a permanent end to the fighting or Israeli withdrawal from Gaza.
Crude oil futures dipped slightly as a senior Israeli official expressed optimism about progress on a deal to release hostages in Gaza, while the market awaited U.S. inventory data. The West Texas Intermediate contract fell to $77.44 a barrel, and the Brent contract for April dropped to $82.50 a barrel. Efforts to secure the release of hostages could potentially reduce the risk of conflict in the Middle East and disrupt crude supplies.