Fading War Risks Push Oil to Biggest Weekly Drop Since February
- Hamas is studying proposal for a cease-fire with Israel
- WTI settles near $78 a barrel, posts almost 7% weekly drop
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Oil posted its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East, while traders continued to weigh the outlook for interest-rate cuts.
West Texas Intermediate settled near $78 a barrel, the lowest closing price since Mid-March. Hamas is studying a proposal for a temporary cease-fire with Israel and plans to send a delegation to Egypt to continue negotiations. The renewed chance of a pause in the war have decreased the geopolitical risk premium that was baked into crude prices for the past few months.