Oil Prices Set for a Weekly Decline on Hopes of a Gaza Ceasefire

Crude oil prices were set for a weekly decline despite gains made during the course of the week largely because of reports that Israel and Hamas were negotiating a ceasefire. Bloomberg cited unnamed sources as saying negotiations were ongoing and Israel’s Jerusalem Post quoted the Qatari foreign ministry as saying that Hamas had given its initial approval to a ceasefire deal and a hostage deal late on Thursday. The report quoted an unnamed Palestinian official as saying a final approval might not be forthcoming, however…