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OIL: Crude Falls as Ceasefire Talk Ramps Up

OIL
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Crude has moved into losses on the day, with talks of Biden possibly announcing an Israel-Hezbollah ceasefire helping further erase the geopolitical risk premium on oil.

  • Brent JAN 25 down 0.5% at 72.66$/bbl
  • WTI JAN 25 down 0.5% at 68.59$/bbl
  • Bloomberg headlines quoting US Secretary of State Blinken said that a ceasefire was ‘near the finish line’ and that a ceasefire in Lebanon could help to end the conflict in Gaza too.
  • The Times of Israel reported that the country’s Security Cabinet is meeting to finalise approval for a ceasefire with Hezbollah in Lebanon is underway early.
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Crude has moved into losses on the day, with talks of Biden possibly announcing an Israel-Hezbollah ceasefire helping further erase the geopolitical risk premium on oil.

  • Brent JAN 25 down 0.5% at 72.66$/bbl
  • WTI JAN 25 down 0.5% at 68.59$/bbl
  • Bloomberg headlines quoting US Secretary of State Blinken said that a ceasefire was ‘near the finish line’ and that a ceasefire in Lebanon could help to end the conflict in Gaza too.
  • The Times of Israel reported that the country’s Security Cabinet is meeting to finalise approval for a ceasefire with Hezbollah in Lebanon is underway early.