WASHINGTON (dpa-AFX) - Oil futures settled lower on Monday as worries about growth and outlook for oil demand amid rising possibility of the Federal Reserve delaying interest rate cuts, and ceasefire talks between Israel and Hamas weighed on the commodity's prices.
West Texas Intermediate Crude oil futures for June ended down by $1.22 or about 1.45% at $82.63 a barrel.
Brent crude futures were down $0.98 or about 1.1% at $87.23 a barrel a little while ago.
Increased efforts for a ceasefire between Israel and Hamas has helped ease concerns about supply disruptions.
U.S. Secretary of State Antony Blinken said in his speech at Gulf Cooperation Council that Israel must still do more to boost humanitarian aid to Gaza. He emphasized the need for a difficult cease-fire deal to alleviate the humanitarian crisis in Gaza.
Israel's foreign minister had said on Saturday that a planned incursion into Rafah could be put on hold if the proposed peace deal includes the release of Israeli hostages held by Hamas.
The Fed, which is scheduled to announce its monetary policy on Wednesday, is widely expected to leave interest rates unchanged. The accompanying statement and Fed Chair Jerome Powell's press conference are eyed for clues about the central bank's future rate moves.
Also, the crucial non-farm payroll data for the month of April is due on Friday.
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