Oil prices continued to slide, extending their biggest drop in two weeks, as the United States announced that Israel had accepted a cease-fire proposal in Gaza. This development has the potential to alleviate supply risks, while global concerns about weak demand, particularly from China, have also been pushing prices down.
Brent crude dropped below $77 a barrel after losing 2.5% on Monday, while the US benchmark, West Texas Intermediate, hovered near $74. US Secretary of State Antony Blinken indicated that the next crucial step would be securing Hamas’s agreement to the cease-fire proposal, aimed at de-escalating the 10-month-long conflict in the Middle East.
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