WTI hovers around $74.20 with a positive bias after Israel rejected Hamas ceasefire offer

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

■   WTI price could gain ground as Israel has dismissed Hamas' offer for a ceasefire.

■   EIA Crude Oil stockpiles came in at 5.521 million barrels against the expected 1.895 million barrels.

■   The largest US oilfield, the Permian shale basin, is projected to experience its slowest annual growth since 2021.


West Texas Intermediate (WTI) oil price hovers around $74.20 per barrel during the Asian session on Thursday. Crude oil prices are expected to continue their winning streak for the fourth consecutive session. WTI price receives upward support as an obstacle emerges on a ceasefire in the Israel-Gaza conflict.


Israeli Prime Minister Benjamin Netanyahu has dismissed Hamas' offer for a ceasefire and the release of hostages held in the Gaza Strip. Nonetheless, US Secretary of State Antony Blinken has hinted at the possibility of further negotiations to achieve a resolution. Additionally, a delegation from Hamas, led by senior official Khalil Al-Hayya, is set to journey to Cairo on Thursday for talks with Egypt and Qatar aimed at reaching a ceasefire agreement.


The American Petroleum Institute (API) Weekly Crude Oil Stock exhibited improvement, reporting a figure of 0.674 million barrels, contrasting with the prior decrease of 2.5 million barrels. Despite this, the reported figure fell notably short of the anticipated 2.133 million barrels for the week ending on February 2, providing support for Crude oil prices.


However, the US Energy Information Administration (EIA) reported Crude Oil stockpiles at 5.521 million barrels, surpassing both the expected 1.895 million barrels and the previous figure of 1.234 million barrels. This may have tempered the rise in oil prices.


Additionally, the Permian shale basin, the largest US oilfield spanning Texas and New Mexico, is projected to experience its slowest annual growth since 2021. This development is further bolstering oil prices, as the deceleration in growth will limit overall gains in US production. Coupled with the EIA's revised forecast for a decline in US oil production growth in 2024.

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
WTI climbs toward $63.00, remains headed for a weekly loss amid oversupply worriesWest Texas Intermediate (WTI) Oil price extends its gains for a second straight day, trading around $62.80 during Friday's Asian session.
Author  FXStreet
Yesterday 03: 49
West Texas Intermediate (WTI) Oil price extends its gains for a second straight day, trading around $62.80 during Friday's Asian session.
placeholder
WTI remains above $62.00, downside risks persist due to potential increase in OPEC+ supplyWest Texas Intermediate (WTI) Oil price recovers its daily losses, trading around $62.20 per barrel during Thursday’s Asian hours.
Author  FXStreet
Apr 24, Thu
West Texas Intermediate (WTI) Oil price recovers its daily losses, trading around $62.20 per barrel during Thursday’s Asian hours.
placeholder
WTI rises to near $63.50 due to covering short positionsWest Texas Intermediate (WTI) Oil price retraces its recent losses from the previous session, trading around $63.30 per barrel during the European hours on Tuesday. The uptick in crude Oil prices came as investors took advantage of Monday’s sharp sell-off to cover short positions.
Author  FXStreet
Apr 22, Tue
West Texas Intermediate (WTI) Oil price retraces its recent losses from the previous session, trading around $63.30 per barrel during the European hours on Tuesday. The uptick in crude Oil prices came as investors took advantage of Monday’s sharp sell-off to cover short positions.
placeholder
WTI trades with positive bias, remains below $63.00 as bulls seem cautious amid tariff jittersWest Texas Intermediate (WTI) US Crude Oil prices edge higher during the Asian session on Tuesday, though the intraday uptick lacks bullish conviction.
Author  FXStreet
Apr 22, Tue
West Texas Intermediate (WTI) US Crude Oil prices edge higher during the Asian session on Tuesday, though the intraday uptick lacks bullish conviction.
placeholder
WTI trades with intraday losses below $63.00 amid progress in US-Iran nuclear talksWest Texas Intermediate (WTI) US Crude Oil prices kick off the new week on a weaker note and for now, seems to have snapped a two-day winning streak to a near two-week high – levels just above the $64.00 mark touched on Friday.
Author  FXStreet
Apr 21, Mon
West Texas Intermediate (WTI) US Crude Oil prices kick off the new week on a weaker note and for now, seems to have snapped a two-day winning streak to a near two-week high – levels just above the $64.00 mark touched on Friday.