November 26, 2024 10:09 GMT
OIL: Oil Recovers as Markets Await Israel/Hezbollah Ceasefire Deal
OIL
Israel looks set to approve a U.S. plan for a ceasefire with Lebanon's Hezbollah on Tuesday, a senior Israeli official said according to Reuters.
- Brent JAN 25 up 0.8% at 73.62$/bbl
- WTI JAN 25 up 0.8% at 69.51$/bbl
- The announcement of an agreement by Axios on Monday resulted in a sharp crude sell off as risks on Iranian oil begin to fade.
- Israel's security cabinet is expected to convene later on Tuesday to discuss and likely approve the text at a meeting chaired by Prime Minister Benjamin Netanyahu, the official said.
- An official announcement may provide further downward pressure for oil with benchmarks having made some recovery on Tuesday.
- In Washington, White House national security spokesperson John Kirby said on Monday, "We're close" but "nothing is done until everything is done".
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