With Israel accepting a plan to address the issues preventing a ceasefire agreement in Gaza, concerns over a disruption in Middle Eastern oil supplies were allayed, and oil prices inched down on Tuesday.
At $77.54, Brent crude dropped 12 cents, or $2.02, or 0.15%. Tuesday’s front-month U.S. West Texas Intermediate oil futures were down 14 cents, or 0.2%, at $74.23 per barrel. At $73.52, the second month contract, which is traded more frequently, had a 0.2% or 15 cent decrease.
On Monday, Brent dropped by 2.5 percent, while WTI decreased by 3%. Rate reductions lower borrowing costs and may increase oil demand in the nation that uses the most oil globally.
