Oil Sinks on Ceasefire Hopes
WTI crude futures slid 3.2% to settle at $80.13 per barrel on Friday, and fell by 2.5% to mark the second consecutive weekly loss. losses.
Market sentiment was influenced by renewed hopes of a ceasefire in Gaza, with U.S. Secretary of State Antony Blinken indicating that a long-sought truce between Israel and Hamas was within reach.
The ongoing conflict in Gaza had previously led investors to factor in a risk premium for oil, as tensions posed a threat to global supplies.
Also, a stronger dollar and concerns over China's economic outlook exerted downward pressure on prices, offsetting a tighter supply scenario.
Market sentiment was influenced by renewed hopes of a ceasefire in Gaza, with U.S. Secretary of State Antony Blinken indicating that a long-sought truce between Israel and Hamas was within reach.
The ongoing conflict in Gaza had previously led investors to factor in a risk premium for oil, as tensions posed a threat to global supplies.
Also, a stronger dollar and concerns over China's economic outlook exerted downward pressure on prices, offsetting a tighter supply scenario.
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