Oil fell by 1% amid reports of talks in Cairo
29 April 2024 09:47
Oil prices fell in early trading on Monday, offsetting gains on Friday, as peace talks between Israel and Hamas in Cairo eased fears of a wider conflict in the Middle East. This was reported by Komersant ukrainskyi 
with reference to Reuters.
Brent crude oil futures fell by $1, or 1.1%, to $88.50 per barrel before rising again to $88.55. Futures for West Texas Intermediate (WTI) fell 84 cents, or 1%, to $83.01 per barrel.
Intensified ceasefire efforts between Israel and Hamas have eased geopolitical tensions and contributed to a soft open on Monday, said Tony Sycamore, market analyst at IG. A Hamas delegation will visit Cairo on Monday for peace talks, a Hamas official said.
Markets are also watching the US Federal Reserve’s policy review.
“There are also concerns ahead of this week’s Federal Open Market Committee meeting, which is expected to be dovish,” he said,
– Sycamore said.
Inflation in the US rose 2.7% in the 12 months to March, data showed on Friday, exceeding the Fed’s 2% target. Lower inflation would increase the likelihood of interest rate cuts, which would boost economic growth and oil demand.
