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Crude plunged $1 amid ceasefire talks and concerns on Fed’s interest rate cutsAdditionally, markets closely monitored the US Federal Reserve's 01 May monetary policy review for insights into future interest rate decisions. |
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Oil prices fell over $1 per barrel on Monday, influenced by ongoing ceasefire negotiations in Cairo, which eased concerns of a broader Palestine-Israel conflict.
Additionally, markets closely monitored the US Federal Reserve's 01 May monetary policy review for insights into future interest rate decisions.
A strengthened dollar contributed to the decline in oil prices, as it renders oil more costly for holders of alternative currencies.
Brent futures decreased by $1.10 or 1.2% to settle at $88.40/barrel.
WTI fell by $1.22 or 1.5% to settle at $82.63/barrel.
