{"id":40517,"date":"2024-05-01T10:19:47","date_gmt":"2024-05-01T10:19:47","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building"},"modified":"2024-05-01T10:47:43","modified_gmt":"2024-05-01T10:47:43","slug":"oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building","title":{"rendered":"Oil prices fall amid Middle East cease-fire hopes, US stockpile building"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories in the US, the world’s biggest oil consumer.<\/p>\n

International benchmark Brent crude traded at $85.28 per barrel at 10.45 a.m. local time (0745GMT), down 1.22% from the closing price of $86.33 per barrel in the previous trading session.<\/p>\n

American benchmark West Texas Intermediate (WTI) traded at $80.83 per barrel at the same time, a 1.34% fall from the previous session, which closed at $81.93 per barrel.<\/p>\n

Global calls for a cease-fire have been growing as the war in the Gaza Strip has entered its seventh month.<\/p>\n

US Secretary of State Antony Blinken is currently on a regional tour as he seeks to advance the cease-fire proposal.<\/p>\n

The US has said the proposal would include a six week cease-fire when an initial batch of hostages that remain in Hamas captivity would be released, and humanitarian aid deliveries to the coastal enclave would ramp up.<\/p>\n

Hamas is expected to deliver its response to the truce proposal later this week.<\/p>\n

The potential for a cease-fire deal is easing concerns of an escalation of the conflict and possible disruptions to supply.<\/p>\n

But on Tuesday, Israeli Prime Minister Benjamin Netanyahu vowed to invade Rafah in the southern Gaza Strip despite reports of a possible deal.<\/p>\n

The White House said that it continues to oppose an Israeli invasion of Rafah, home to more than 1.4 million displaced Palestinians.<\/p>\n

American Petroleum Institute (API) data released late Tuesday showing an increase of 4.9 million barrels in US crude oil inventories, against the market expectation of a draw of 1.5 million barrels, signaled bearish demand and drove prices down.<\/p>\n

The US Federal Reserve is also set to announce an interest rate decision later Wednesday.<\/p>\n

After a series of interest rate hikes from March 2022 to mid-2023 from 0.25% to 5.5%, the bank has been keeping the rate constant since September 2023. Markets expect no change at this meeting.<\/p>\n

Generally, high interest rates boost the US dollar to strengthen making oil more expensive for holders of other currencies and reducing investors’ appetite for oil demand.<\/p>\n

Experts believe that keeping interest rates at high levels for a longer period of time may pose some risks to the oil demand outlook.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inventories in the US, the world’s biggest oil consumer. International benchmark Brent crude traded at $85.28 per barrel at 10.45 a.m. local time (0745GMT), down 1.22% from the closing price of $86.33 per […]<\/p>\n","protected":false},"author":84,"featured_media":40515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,245,2704,241,2764,2825],"class_list":["post-40517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mauritius","tag-brent","tag-mauritius","tag-oil-prices","tag-wti"],"yoast_head":"\nOil prices fall amid Middle East cease-fire hopes, US stockpile building - Mauritius<\/title>\n<meta name=\"description\" content=\"Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inv ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices fall amid Middle East cease-fire hopes, US stockpile building\" \/>\n<meta property=\"og:description\" content=\"Oil prices fell on Wednesday over growing hopes for a cease-fire agreement between Israel and Hamas and rising crude inv ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-01T10:19:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-01T10:47:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1714544056.299608.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"486\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Oil prices fall amid Middle East cease-fire hopes, US stockpile building\",\"datePublished\":\"2024-05-01T10:19:47+00:00\",\"dateModified\":\"2024-05-01T10:47:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\"},\"wordCount\":390,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2024\/05\/sm_1714544056.299608.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Brent\",\"Mauritius\",\"oil prices\",\"WTI\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/oil-prices-fall-amid-middle-east-cease-fire-hopes-us-stockpile-building\",\"name\":\"Oil prices fall amid Middle East cease-fire hopes, US stockpile building - 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