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Oil Prices Dip in Asian Trade

Oil prices experienced a slight decline in Asian trading on Tuesday, continuing the downward trend from the previous session. Attention remained focused on any developments in ceasefire negotiations between Israel and Hamas.

Current Oil Prices

• Brent oil futures for June delivery dropped by 0.1% to $88.29 per barrel.
• West Texas Intermediate (WTI) crude futures fell by 0.2% to $82.48 per barrel by 20:54 ET (00:54 GMT).

April Performance

• Brent oil was on track for a 1.7% gain in April, marking its fourth consecutive month of positive performance.
• WTI prices, however, were set to decrease by 0.8% for the month.

Israel-Hamas Ceasefire Talks

Reports indicated that Israel proposed a 40-day ceasefire to Hamas during talks in Egypt. The offer includes conditions such as the return of hostages and displaced families to northern Gaza. Hamas is expected to respond in writing.

Potential Impact on Oil Prices

A ceasefire could lead to a reduction in the conflict’s risk premium attached to oil prices, as fears of disruptions in Middle East supply ease. However, previous peace talks between Israel and Hamas have failed, with Hamas insisting on a permanent ceasefire.

Rate Jitters and Dollar Strength

Oil prices also faced pressure from expectations of prolonged high U.S. interest rates ahead of the Federal Reserve meeting. The market anticipates the Fed to maintain rates, but any signals regarding future rate cuts will be closely monitored.

The strength of the dollar further weighed on oil prices.

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