Oil Gains as Technicals Provide Support Amid Cease-Fire Progress
- Hamas says it agreed to proposal; Israel has yet to comment
- Saudi price hikes, relative strength index prop up crude
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Oil edged higher as technical levels supported prices, even after Hamas said it agreed to a cease-fire proposal by Qatar and Egypt.
West Texas Intermediate pared earlier gains to settle above $78 a barrel, after a statement about the proposal moved on the militant group’s telegram channel. While Israel’s Channel 12 said Israel was studying the proposal, the nation’s government didn’t immediately provide an official comment. Traders said an acceptance of the proposal could trim crude prices by $2 to $3 a barrel.