Oil Little Changed as Investors Weigh Gaza Ceasefire, Stalled Ukraine Talks
Oil prices were little changed on Thursday as investors weighed a ceasefire deal in Gaza that could ease tensions in the Middle East against stalled peace talks in Ukraine that could sustain sanctions on Russia and curb its exports.
Brent crude futures were up 13 cents to $66.38 a barrel at 1310 GMT. U.S. West Texas Intermediate crude was up 20 cents to $62.75.
Israel and Hamas both publicly endorsed the ceasefire deal and were expected to sign it around noon in the Egyptian beach resort of Sharm el-Sheikh (0900 GMT), though there was no immediate confirmation that the signing had taken place.
Israeli Prime Minister Benjamin Netanyahu’s office said the ceasefire would take effect once ratified by the Israeli government, which would convene after a security cabinet meeting scheduled for 5 p.m. (1300 GMT).
Under the deal, fighting will cease, Israel will partially withdraw from Gaza and Hamas will free hostages it captured in the attack that precipitated the war, in exchange for prisoners held by Israel.
"The peace agreement is a major breakthrough in recent Middle Eastern history – its implications for oil markets could be wide-ranging, from the possibility of a decrease in the Houthis’ attacks in the Red Sea to an increase in the likelihood of a nuclear deal with Iran..." Rystad Energy’s Chief Economist Claudio Galimberti said in a note.
Source : Bloomberg
