Oil Prices Drop As Gaza Ceasefire Talks Progress, China Releases Weak Economic Data

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Oil prices, tracked by the United States Oil Fund (NYSE:USO), dropped sharply Friday morning, with West Texas Intermediate (WTI) light crude futures falling 3% below $76 per barrel at 8:00 a.m.in New York, as traders reacted to developments in Gaza ceasefire negotiations and disappointing economic data from China.

Talks between Israel and mediators began on Thursday and negotiators are set to reconvene in Doha, Qatar, on Friday to work towards a Gaza ceasefire agreement, which could help prevent further regional escalation, Reuters reported.

Qatar’s prime minister advised Iranian leaders to hold off the anticipated attack on Israel to preserve the progress made during the two-day cease-fire and hostage release negotiations, ...

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Author / Journalist: Piero Cingari

Category: Technology

Markets: United StatesChinaIsraelQatar

Topics: Top Stories Politics Macro Economic Events Econ #s Commodities US91232N1081 Specialty ETFs Israel Global Hamas Stories That Matter ETFs Geopolitics Tech Benzinga Economics USO

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-16 @ 13:14:02 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 308 words

Reading Time: 2 minutes read

Sentences: 12 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 22101373

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