Oil prices turn higher as Middle East ceasefire hopes wane
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Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East. Brent crude futures rose 40 cents to $90.78 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 35 cents to $86.78. Israeli Prime Minister Benjamin Netanyahu announced that an unspecified date had been set for Israel's invasion of the Rafah enclave in Gaza, ending hopes of easing geopolitical tensions. Hamas rejected the latest Israeli ceasefire proposal. The market is also weighing the risk of a disruption to oil supply due to potential conflict between Iran and Israel. Broader fundamentals, such as India's record-high fuel demand and an improvement in Chinese manufacturing activity, are supportive of prices. In the Americas, Mexico's state oil company Pemex announced a reduction in crude exports by 330,000 barrels per day to supply more to domestic refineries.
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