Ny, July 9, 2024: Oil prices edged lower on Tuesday morning, weighed down by speculation over a potential ceasefire in Gaza and the impact of Tropical Storm Beryl.
Ceasefire talks in Gaza have raised market optimism, leading to a modest decline in oil prices. According to global media reports, progress is being made in negotiations between Israel and Hamas, which could potentially bring an end to the conflict and ease geopolitical tensions in the region.
On the other hand, Tropical Storm Beryl, which has disrupted oil production in the US, has led to the suspension of oil output in the Gulf of Mexico. This event has raised concerns about short-term supply disruptions and prevented a more significant decline in prices.
The price of US light crude oil West Texas Intermediate (WTI) for August delivery was trading at $81.10 per barrel this morning, down 0.28% from Monday’s close. The price of North Sea Brent crude oil fell by 0.23% to $85.55 per barrel.
Oil prices are expected to remain volatile in the coming days, depending on developments in the Middle East and the impact of Tropical Storm Beryl on US oil production.
Oil Prices:
| Oil Type | Price per Barrel (USD) | Change from Previous Day |
|---|---|---|
| WTI (August) | 81.10 | -0.28% |
| Brent (September) | 85.55 | -0.23% |
(1 EUR = 1.0835 USD)
