After a U.S Fed governor said there was no need to cut interest rates quickly, crude oil fell

At 0212 U.S. West Texas Intermediate crude futures were down 25 cents, or 0.3%, at $78.36, while Brent crude futures were down 25 cents, or 0.3%, at $83.42 a barrel.Longer-term higher interest rates reduce economic growth and hence reduce demand for oil.

Following Waller’s remarks, oil benchmarks lost part of their Thursday gains. As fighting in the Red Sea continued and the Houthis, who are allied with Iran, increased their attacks close to Yemen in an effort to support the Palestinians fighting in Gaza, oil futures settled higher on Thursday.

According to Israeli media and a source briefed on the situation, Israel Prime Minister Benjamin Netanyahu’s war cabinet has approved sending negotiators to Gaza for truce talks taking place in Paris as pressure builds around the Middle East.

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