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Oil down on Middle East talks while investors await Fed meeting

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Oil edged lower on Tuesday after U.S. data showed healthy crude output and exports, extending losses prompted on Monday by hopes of an Israel-Hamas ceasefire, while investors await signals on U.S. interest rates from the Federal Reserve meeting this week.

The sun sets behind the chimneys of the Total Grandpuits oil refinery, southeast of Paris, France, March 1, 2021. REUTERS/Christian Hartmann/File PhotoLONDON, April 30 - Oil edged lower on Tuesday after U.S. data showed healthy crude output and exports, extending losses prompted on Monday by hopes of an Israel-Hamas ceasefire, while investors awaitBrent crude futures for June , which expire on Tuesday, were down 35 cents, or 0.4%, at $88.05 a barrel by 1327 GMT.

"New hopes of a ceasefire between Israel and Hamas caused oil prices to fall at the start of the week," said Commerzbank analyst Carsten Fritsch, adding that prices were also pressured by lower crude demand from refineries.for Hamas to respond to proposals for a halt to fighting in Gaza and a return of Israeli hostages before sending a team to Cairo to continue talks aimed at halting the seven-month conflict.

Additionally, concerns over demand have weighed on sentiment, ANZ analysts said in a research note, as diesel and heating oil premieums against crude oil have fallen to their lowest in months.

Source: Loan Digest (loandigest.net)

MKTREP REP CEN COM CRU CWP DRV ECI ECO ENR GDP GEN INT MCE NRG PLCY PROD GB WEU IL AMERS SWASIA US EUROP MEAST NAMER EMEA ASXPAC PS EMRG ASIA CDTY FIN O/R ENERGY TOPNWS TOPCMB

 

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