Oil prices tick down as hopes of Middle East ceasefire eases supply worries
- Oil prices edged lower on Tuesday as Israel accepted a proposal to tackle disagreements blocking a ceasefire deal in Gaza, helping ease worries about a supply disruption in the Middle East.fell 12 cents, $2.02, or 0.15%, to $77.54. Front month U.S. West Texas Intermediate crude futures, which expire on Tuesday, were at $74.23 a barrel, easing 14 cents, or 0.2%. The more actively traded second month contract was down 15 cents or 0.2% at $73.52.U.S.
Libya's National Oil Corporation had declared force majeure on oil exports from the field on Aug. 7 after a blockade by protesters hit production at the 300,000-bpd field. Meanwhile, investors also awaited indication of the U.S. Federal Reserve's plans for the next interest rate decision. Fed Chair Jerome Powell speaks in Jackson Hole on Friday and investors assume he will acknowledge the case for a cut.
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