Crude Oil stays steady amid ceasefire agreement between Israel and Hezbollah

Crude oil prices were stable on Wednesday, due to an expectation from the market, regarding ceasefire agreement between Israel and Hezbollah. The ceasefire expectations were aligned with anticipation of OPEC+ meeting on Sunday, where the oil producing nations could delay a planned increase in oil output.

Brent crude futures showed an upward movement of 32 cents, or 0.44 per cent to $73.13 per barrel. US West Texas Intermediate crude was up by 33 cents, or 0.48 per cent at $69.10. However, both of the benchmarks touched a low on Tuesday after Israel agreed to the ceasefire agreement with Lebanon’s Hezbollah. The agreement  brokered by the U.S. and France was accepted by both Israel and Iran-backed Hezbollah on Wednesday.

Also ReadPetrol, Diesel Price Today 27 November 2024 in Chandigarh, New Delhi, Mumbai and Lucknow

“The ceasefire between Hezbollah and Israel brokered by France and US for next 60 days effective from Wednesday onwards and news of Hamas extending hands for ceasefire with Israel is positive for the world economy, but oil prices are likely to move down. The risk premiums in WTI and Brent already vanished as the counter trade at $69 and $72 respectively and are down 3.7% for the week so far, on back of the recent developments but prices may find some support from OPEC+ plans to extend production cuts until January or further in 2025 to keep the global crude oil market in balance,” said Mohammed Imran, Research Analyst, Sharekhan by BNP Paribas.

Heads of commodities research at Goldman Sachs and Morgan Stanley said that oil prices are undervalued, citing a market deficit and risk to Iranian supply from possible sanctions under U.S. President-elect Trump.

Also ReadGold, silver rate today on November 27 in Mumbai, Delhi, Chennai, Kolkata: Here are latest prices in other cities

“The calmness seen in the price action and lack of trending conditions suggests oil traders see the OPEC+ meeting as a lower volatility affair, with the group likely to swing to an almost unanimous call to hold off from unwinding its 2.2 million barrels a day voluntary cuts until Q1 2025,” said Chris Weston, head of research at Pepperstone

In the United States, Trump announced plans to impose a 25 per cent tariff on all imports from Mexico and Canada,

 » Read More

Related Articles

Court stays Religare AGM, RBI’s nod for open offer

In a setback to the Burman family, the Madhya Pradesh High Court has stayed the approval granted by the Reserve Bank of India (RBI) for making an open offer to acquire an additional 26% stake in Religare Enterprises as well as the company’s annual general meeting (AGM) scheduled for December 31. Earlier this month, RBI

Biggest spenders on Swiggy Instamart this year splurged Rs 20 lakh each

This year, two customers from Delhi and Dehradun spent Rs 20 lakh each on Swiggy Instamart, becoming the biggest spenders on the platform. According to a report released by the company, groceries continue to be the top category for buyers on the platform this year.  In its “How India Swiggy’d 2024-Quick Commerce Edition,” Swiggy said

Reliance Power arm gets interim relief from HC against SECI order

The Delhi High Court has granted interim relief to Reliance Power’s subsidiary, Reliance NU BESS, in a petition pertaining to disqualification from participating in three bids solely on the ground of the debarment order dated November 6, issued by Solar Energy Corporation of India (SECI), against the petitioner. On November 26, the HC had granted

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Court stays Religare AGM, RBI’s nod for open offer

In a setback to the Burman family, the Madhya Pradesh High Court has stayed the approval granted by the Reserve Bank of India (RBI) for making an open offer to acquire an additional 26% stake in Religare Enterprises as well as the company’s annual general meeting (AGM) scheduled for December 31. Earlier this month, RBI

Biggest spenders on Swiggy Instamart this year splurged Rs 20 lakh each

This year, two customers from Delhi and Dehradun spent Rs 20 lakh each on Swiggy Instamart, becoming the biggest spenders on the platform. According to a report released by the company, groceries continue to be the top category for buyers on the platform this year.  In its “How India Swiggy’d 2024-Quick Commerce Edition,” Swiggy said

Reliance Power arm gets interim relief from HC against SECI order

The Delhi High Court has granted interim relief to Reliance Power’s subsidiary, Reliance NU BESS, in a petition pertaining to disqualification from participating in three bids solely on the ground of the debarment order dated November 6, issued by Solar Energy Corporation of India (SECI), against the petitioner. On November 26, the HC had granted

EatSure becomes first platform to launch multi-restaurant ordering

EatSure, the D2C platform of online restaurant company Rebel Foods, on Thursday announced the launch of a new feature allowing users to order from multiple restaurants in one order. With this, the firm has become the first food delivery app in India to do so.  Swiggy and Zomato, which corner the lion’s share of India’s

Is Centre planning to introduce a scheme offering unemployment allowance to youth? Here’s what Govt says

The central government has recently informed Parliament about unemployment benefits being provided under various central schemes to unemployed youth in the country. In the Parliament’s winter session, which concluded last week, parliamentarian GC Chandrashekhar asked the government about plans to introduce a scheme offering unemployment allowances to unemployed youth in the country to help them