Crude oil prices for front-month deliveries fell as much as 1% on Tuesday after Hamas received the proposals for a temporary ceasefire with Israel as well as a new framework for the release of hostages from the Gaza Strip.
The framework was drafted by Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, US CIA Director Bill Burns, and the heads of intelligence services of Israel and Egypt. Al-Thani disclosed yesterday that the proposal represents a combination of "what's been proposed by the Israelis and what's been a counterproposal from Hamas," and noted that talks on a new hostage deal have advanced in recent weeks.
West Texas Intermediate (WTI) for March settlements dipped 0.92% to trade at $76.06 a barrel at 8:59 am ET. Brent for the same month's contracts was down by 1.06% to sell at $81.53 per barrel.
