Israel is waiting for Hamas to respond to a cease-fire proposal, an Israeli official told NBC News.
"With little other fresh news, the possible cooling of the Gaza environment sees oil prices slip," John Evans, analyst with oil broker PVM, wrote in a note on Monday.
Crude oil futures held steady Monday as the U.S. Secretary of State made a renewed diplomatic push in the Middle East to secure a cease-fire in Gaza and head off an Israeli offensive against Rafah.June contract: $89.19 a barrel, down 31 cents or 0.35%. Year to date, the global benchmark has risen nearly 16%.Secretary of State Antony Blinken held talks with Arab leaders in Saudi Arabia on Monday. He will travel to Israel and Jordan on Tuesday.
Israel is waiting for Hamas to respond to a cease-fire proposal in which 33 hostages would be released in exchange for Palestinian prisoners, an Israeli official told NBC News. A Hamas delegation is expected in Cairo on Monday to discuss the cease-fire proposal.
Evans said heating oil and distillates are also weighing on crude oil prices as as stocks of the refined products expand and demand shrinks. Natural gas is also challenging the market withMorgan Stanley sees 'hot summer' ahead for energy sector, gives its favorite picks
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