Crude plunged $1 amid ceasefire talks and concerns on Fed’s interest rate cuts
Additionally, markets closely monitored the US Federal Reserve's 01 May monetary policy review for insights into future interest rate decisions.
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.