(Seoul = Yonhap News) Reporter Kim Seong-jin from Yonhap Infomax reports: The New York oil prices fell for the second consecutive day following the news that ceasefire negotiations for the Gaza Strip war would resume.
On the 24th (local time), at the New York Mercantile Exchange, West Texas Intermediate (WTI) crude for December delivery, the front-month contract, closed at $70.19 per barrel, down $0.58 (0.82%) from the previous session.
The global benchmark Brent crude for December delivery also closed at $74.38 per barrel, down $0.58 (0.77%) from the previous session.
WTI and Brent crude fell after surging for two consecutive trading days earlier this week. WTI at one point fell by more than 1.4%, dropping below $70.
Earlier in the day, U.S. Secretary of State Antony Blinken stated that ceasefire negotiations for the release of hostages in the Gaza Strip would resume within days.
While visiting Qatar during a Middle East tour, Secretary Blinken, after meeting with Sheikh Mohammed bin Abdulrahman Al Thani, the Prime Minister of Qatar, said at a joint press conference, “We discussed taking the next steps to make the most of this moment and advance the (negotiation) process.”
Sheikh Mohammed, who is mediating the ceasefire talks along with the U.S. and Egypt, said, “We expect our negotiating teams to meet within the next few days.”
The Israeli side also commented on the matter. The Israeli Prime Minister’s office announced that David Barnea, head of the Mossad intelligence agency, will head to Doha, Qatar on the 27th. It is also reported that William Burns, Director of the U.S. Central Intelligence Agency (CIA), will attend the meeting.
Energy consultancy Ritterbusch & Associates mentioned in its report that “the energy complex continues to zigzag as the Middle East risk premium expands and contracts almost daily.”