Crude oil futures continued to decline, in response to the possibility of a ceasefire agreement in Lebanon.
November 26, 2024, 11:51 AM GMT+9
Crude oil futures continued to decline in early Asia trading on the 26th. Reports of an imminent announcement of a ceasefire between Israel and Hezbollah, the armed group supported by Iran in Lebanon, led to the decline.
At 0106 GMT (10:06 a.m. Japan time), North Sea Brent futures fell by $0.28 (0.38%) to $72.73 per barrel, while US WTI futures fell by $0.32 (0.46%) to $68.62. Both had dropped more than $2 the previous day.
Four Lebanese officials revealed on the 25th that US President Biden and French President Macron are expected to announce a ceasefire between Israel and Hezbollah soon.
ANZ analysts pointed out that the Lebanon ceasefire could reduce the possibility of the next US administration imposing harsh sanctions on Iranian crude oil.
At 0106 GMT (10:06 a.m. Japan time), North Sea Brent futures fell by $0.28 (0.38%) to $72.73 per barrel, while US WTI futures fell by $0.32 (0.46%) to $68.62. Both had dropped more than $2 the previous day.
Four Lebanese officials revealed on the 25th that US President Biden and French President Macron are expected to announce a ceasefire between Israel and Hezbollah soon.
ANZ analysts pointed out that the Lebanon ceasefire could reduce the possibility of the next US administration imposing harsh sanctions on Iranian crude oil.
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