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Crude Rises to Highest Since 1 Feb

OIL

Crude markets are extending gains today to the highest since 1 February after Wednesday’s hawkish comments from Israel’s Netanyahu that appear to undermine the prospect of a ceasefire agreement for Gaza.

    • Brent APR 24 up 0.9% at 79.95$/bbl
    • WTI MAR 24 up 0.9% at 74.52$/bbl
  • BRENT TECHS: (J4) Corrective Bounce
  • RES 1: $81.55 - High Feb 1
  • PRICE: $79.63 @ 06:50 GMT Feb 8
  • Israeli Prime Minister Benjamin Netanyahu, speaking at a press conference in Tel Aviv, has told reporters yesterday that Israel, "will not suffice with less," than a decisive victory in their war against Hamas. Netanyahu: "We are on our way to that decisive victory. Its in our hands. It's not a matter of week but it is a matter of months."
  • Senior Hamas official, Abu Zuhri responded to the comments: “Netanyahu’s comments are a form of political bravado, indicating his intention to pursue the conflict in the region. The movement (Hamas) is prepared to deal with all options."
  • Talks are scheduled to continue on Thursday in Egypt according to i24 News, citing to the Lebanese-based Hezbollah-affiliated Al-Akhbar.

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