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Crude Recoups Some Losses on Lack Ceasefire Talks Progress

OIL

Front month Brent crude recovered from an intra-day low of $88.78/bbl amid a lack of progress in ceasefire talks. Crude prices halted its recent rally on Monday after Israel said on Sunday it had withdrawn more soldiers from southern Gaza and fresh ceasefire talks are underway.

    • Brent JUN 24 down 0.7% at 90.54$/bbl
    • WTI MAY 24 down 0.7% at 86.31$/bbl
  • Reuters reporting comments from an unnamed Hamas official claiming that "no progress has yet been made" in the ceasefire talks that are taking place in Cairo. The comments come in contrast to those made by a senior Egyptian official earlier on 8 Apr claiming that there had been some movement towards a ceasefire agreement.
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