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Oil is on course for weekly gains following Israel’s rejections for ceasfire

09 Feb,2024
Oil is on course for weekly gains following Israel’s rejections for ceasfire

Oil slightly moved on Friday, moving on course for touching weekly gains, with the ongoing disruptions in the Middle East following Israel’s refusal for ceasefire proposed by Hamas.

Brent crude slumped 0.1% to $81.69 per barrel, while US WTI advanced by 0.3% to $76.43 per barrel.

This turmoil drove oil prices up to 3% in the previous session after the attack on Rafah, as Israel bombed Gaza after the halt of war in Gaza has been refused.

The disruptions maintained the advance of oil prices, with Brent and WTI poised to almost gain 6% for the week.

Although the disruptions have supported prices, oil output has remained unaffected.

The southern Krasnodar area of Russia saw a fire broke out at the Ilsky oil plant on Friday and took one hour to put it out.

Concerns over experiencing deflation in China, the biggest crude importer affected oil prices.

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