COMMODITY
Crude oil futures end lower on Tuesday
May-08-2024

Crude oil futures ended lower on Tuesday as investors looked for direction, closely following the developments on the geopolitical front, and awaiting weekly crude inventory. Hamas reportedly accepted an Egyptian-Qatari cease-fire proposal to halt the seven-month war with Israel, but the latter said the deal didn't meet its core demand. Meanwhile, markets await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). EIA is scheduled to release its inventory data on Wednesday.

Benchmark crude oil futures for June delivery fell $0.10 or about 0.12% to settle at $78.38 a barrel on the New York Mercantile Exchange. Brent crude for July delivery lost $0.17 or 0.20% to $83.16 per barrel on London's Intercontinental Exchange. 


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