The “black gold” is falling in price on news from the United States and expectations of a ceasefire agreement between Israel and Hamas.
World oil prices fell to their lowest levels in two months on the first day of the new working week. This was confirmed by the trading results on Monday, May 1.
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Thus, July futures for Brent oil fell in price on the London ICE Futures exchange by $2.77 (3.21%), to $83.56 per barrel.
In turn, June futures for WTI oil fell $2.79 (3.41%) to $79.14 a barrel on the NYMEX Mercantile Exchange in New York. In the previous session, the contract increased by $0.64 (0.8%) to $85.66 per barrel.
According to Reuters, oil prices accelerated their decline on news of an unexpected increase in US reserves by 7.3 million barrels.
In addition, prices were affected by expectations of a ceasefire agreement between Israel and Hamas.
“The crude oil market is fed up with endless hopes for a ceasefire. In addition, stable inflation in the US has further reduced expectations for rate cuts,” said Ole Hansen from at Saxo Bank in a commentary to the agency.
Earlier, the media reported that 800 oil tankers using Western insurance were transferred to the Russian shadow fleet. This means that there is no longer any point in using a price limit.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.