Commodities
Oil Dips From Five-Month High as Gaza Ceasefire Draws Closer
- CBS reports Israel, Hamas agree in principle to draft deal
- Futures have been overbought on RSI, flagging possible retreat
The US imposed its most aggressive sanctions yet on Russia’s oil industry on Friday.
Source: Bloomberg
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Oil slipped from a five-month high as Hamas and Israel tentatively agreed to a cease-fire, cooling a rally fueled by risks to Russian and Iranian supplies.
West Texas Intermediate retreated 1.7% to settle at $77.50 a barrel after CBS reported Israel and Hamas agreed in principle to a draft deal for a cease-fire and hostage release. Such a deal would mark a potential end to a conflict that has buffeted global oil markets for more than 15 months.