2024-03-22 03:45:07
Oil prices fell in early Asian trading on Friday amid prospects of soon reaching a ceasefire agreement in Gaza, which could lead to an increase in global supplies, at a time when the rise of the dollar and the decline in gasoline supplies in the United States undermined expectations related to demand.
Price action
Brent crude futures fell 18 cents to $85.60 a barrel by 0011 GMT. US West Texas Intermediate crude futures also fell 19 cents to $80.88 per barrel.
Both crude oils are heading to record slight weekly losses of less than half a percent.
US Secretary of State Anthony Blinken said on Thursday that he believes that the talks in Qatar could lead to a ceasefire agreement in Gaza, increasing the possibilities of increasing global oil supplies.
Blinken met with Arab foreign ministers and Egyptian President Abdel Fattah El-Sisi in Cairo, while negotiators in Qatar focus on a truce lasting about six weeks.
In the United States, the world’s largest oil consumer, supplies of gasoline products, an indicator of demand, fell below nine million barrels for the first time in three weeks, indicating a possible slowdown in demand for crude oil.
Meanwhile, the dollar, which is inversely proportional to oil prices, rose after a surprise interest rate cut by the Swiss National Bank boosted risk appetite. The stronger dollar makes crude oil more expensive for buyers around the world.
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