Oil posts weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer

Oil posts weekly gain as Israel bombs southern Gaza city after rejecting Hamas ceasefire offer

An image taken from southern Israel close to the border with the Gaza Strip on December 21, 2023, reveals smoke billowing following Israeli bombardment within the Palestinian territory amid ongoing battles with the Palestinian Hamas militant group.

Jack Guez | AFP | Getty Images

Oil costs posted a weekly once more as hopes for a ceasefire within the Israel-Hamas struggle appeared to fade.

Crude costs inched larger Friday with the West Texas Intermediate contract for March including 62 cents to settle at $76.84 a barrel. The Brent contract settled at $82.19 a barrel, up 56 cents.

But each U.S. crude and the worldwide benchmark completed out the week 5.9% larger as the battle Middle East drags on for ever and ever.

Israel is urgent forward with its struggle in Gaza, bombarding the southern city of Rafah on the Egyptian border after Prime Minister Benjamin Netanyahu rejected Hamas’ proposed phrases for a ceasefire.

And the U.S. killed a senior militant chief in a drone strike in Baghdad this week, elevating tensions with the federal government of Iraq, a serious oil producer.

Oil typically pops on tensions within the Middle East, however costs have struggled to interrupt out of a variety as the battle has not led to a considerable disruption of crude provides up to now.

Supply and demand fundamentals have additionally weighed on costs in latest months, as report U.S. manufacturing and a faltering economic system in China have some merchants anxious that the market is oversupplied.

But crude costs discovered assist this week after the U.S. Energy Department forecast that manufacturing within the U.S. will grow at a slower pace this yr than initially anticipated. The division expects a slight world provide deficit this yr.

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