Oil prices drop amid rising inventories, diplomatic push for Gaza ceasefire
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 01 2024
0mins
Source: Yahoo Finance
- Oil Prices Decline: Oil prices dropped over 3% due to rising inventories and diplomatic efforts for a ceasefire between Israel and Hamas.
- US Crude Inventories Rise: US government data revealed a significant increase of 7.3 million barrels in crude inventories, the largest since early February.
- Ceasefire Expectations in Gaza: Expectations of a ceasefire in Gaza have risen with Egypt's renewed push to revive talks between Hamas and Israel.
- Impact of Ukrainian Drone Attacks: Recent Ukrainian drone attacks on Russian refineries have previously boosted oil prices, but the market remains adequately supplied currently.
- OPEC+ Meeting in June: The OPEC+ alliance is set to meet next month to decide on extending production cuts into the second half of the year due to recent declines in crude prices.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
