Oil edges lower in early Asian trade. Brent crude oil fell sharply after news that a framework for a ceasefire between Israel and Hamas had been agreed Friday, ANZ Research analysts say in a note. “This could see oil’s geopolitical risk premium wound back relatively quickly,” they say. However, supply disruption risks could provide some support. Recent wildfires around Canada’s oil sands capital of Port McMurry is affecting some production, ANZ notes.
Front-month WTI crude-oil futures are 0.1% lower at $82.11/bbl; front-month Brent crude-oil futures are 0.1% lower at $84.93/bbl.
Source: Marketwatch
