Oil Falls in Choppy Trade as Reports Differ on Ceasefire in Gaza
- Qatar, Egypt and US are pushing the sides toward an agreement
- WTI gives up earlier gains to settle near $74 a barrel
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Oil fell after a choppy session as traders assessed conflicting reports of progress on an agreement to pause the Israel-Hamas war and release hostages.
Al Jazeera reported that Israel had agreed to a ceasefire, but later deleted that post and now says Hamas has received the proposal “in a positive atmosphere.” Bloomberg, meanwhile, reported that negotiations were in the early stages and a breakthrough isn’t expected in the coming days.