Oil prices advanced on Wednesday
The West Texas Intermediate for May delivery added 98 cents, or 1.15 percent, to settle at 86.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained 1.06 dollars, or 1.19 percent, to settle at 90.48 dollars a barrel on the London ICE Futures Exchange.
Oil Prices ups and downs
On Monday, Brent posted its first decline in five sessions and WTI its first in seven as a fresh round of Israel-Hamas ceasefire discussions in Cairo raised hopes of a breakthrough.
“Without an end to the conflict, there is an elevated risk that other countries, particularly Iran, OPEC’s third-largest producer, could be drawn into the war,” said Fiona Cincotta, senior financial market analyst at City Index.
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