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| Reuters/Yannis Behrakis |
Birds fly as the sun sets over the northern Gaza Strip November 20,
2012. Oil fell on Tuesday after a Hamas official announced that
officials from Gaza Strip and Israel had agreed to a ceasefire.
(illustration)
REPUBLIKA.CO.ID, NEW YORK - Oil fell on Tuesday after a Hamas official announced that representatives from the Gaza Strip and Israel had agreed to a ceasefire brokered by Egypt, easing market jitters the conflict could cause a supply disruption.
While Israeli and Egyptian officials stressed a truce had not yet been finalized, the announcement by Hamas official Ayman Taha that a ceasefire would begin at midnight (2200 GMT) pushed crude down more than 2 USD per barrel.
"The talks are still continuing," an Egyptian official, who declined to be named, told Reuters. He said Egypt was "hopeful" of an agreement later on Tuesday, adding: "We are more hopeful today than yesterday."
Prices were already trading lower on expectations that Egypt would broker a ceasefire to the conflict, which has buoyed oil prices on fears it could hurt exports from the Middle East, supplier of one-third of the world's crude.
"Yesterday's big rally was all about fears of a wider conflict stemming from Israel and Gaza, so when the truce was announced it's not surprising we've seen prices come right off," said Andy Lebow, vice president at Jefferies Bache in New York.
Concern about Europe's economy also pressured prices of oil and other commodities after ratings agency Moody's stripped France of its prized triple-A badge due to an uncertain fiscal and economic outlook.
Brent crude traded down 2.06 USD to 109.64 USD a barrel at 12:08 p.m. EST (1708 GMT), while U.S. crude lost 2.41 USD to trade at 86.87 USD a barrel.
Oil markets have been balancing export problems in the North Sea and the risk of supply disruptions in the Middle East against the struggling economy and its impact on fuel demand for months. Efforts by U.S. lawmakers to try to reach a budget deal to avoid a fiscal crisis have also grabbed the attention of traders across equity and commodity markets over the past week.
Editor: Yeyen Rostiyani
Source: ReutersWhile Israeli and Egyptian officials stressed a truce had not yet been finalized, the announcement by Hamas official Ayman Taha that a ceasefire would begin at midnight (2200 GMT) pushed crude down more than 2 USD per barrel.
"The talks are still continuing," an Egyptian official, who declined to be named, told Reuters. He said Egypt was "hopeful" of an agreement later on Tuesday, adding: "We are more hopeful today than yesterday."
Prices were already trading lower on expectations that Egypt would broker a ceasefire to the conflict, which has buoyed oil prices on fears it could hurt exports from the Middle East, supplier of one-third of the world's crude.
"Yesterday's big rally was all about fears of a wider conflict stemming from Israel and Gaza, so when the truce was announced it's not surprising we've seen prices come right off," said Andy Lebow, vice president at Jefferies Bache in New York.
Concern about Europe's economy also pressured prices of oil and other commodities after ratings agency Moody's stripped France of its prized triple-A badge due to an uncertain fiscal and economic outlook.
Brent crude traded down 2.06 USD to 109.64 USD a barrel at 12:08 p.m. EST (1708 GMT), while U.S. crude lost 2.41 USD to trade at 86.87 USD a barrel.
Oil markets have been balancing export problems in the North Sea and the risk of supply disruptions in the Middle East against the struggling economy and its impact on fuel demand for months. Efforts by U.S. lawmakers to try to reach a budget deal to avoid a fiscal crisis have also grabbed the attention of traders across equity and commodity markets over the past week.
Editor: Yeyen Rostiyani
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