Oil Swings as Traders Weigh Inventory Gain, Potential Cease-Fire
- Hamas studying most recent proposal with ‘positive spirit’
- WTI crude settles below $79 a barrel, lowest in seven weeks
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Oil settled little changed after swinging in a narrow range throughout the session, with a buildup in US stockpiles and a potential cease-fire in the Middle East suppressing a rebound from yesterday’s sharp losses.
West Texas Intermediate closed below $79 a barrel and earlier dropped to the lowest in seven weeks after Hamas said it was studying a current cease-fire proposal with a “positive-spirit,” potentially lessening geopolitical tensions. In the physical market, US stockpiles jumped the most since February last week and key timespreads have been pointing to a softer market.