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Energy Preview: WTI Crude Oil Lingers Below $80 Per Barrel   (09:27, 07 May 2024)

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Oil prices are lingering below $80 per barrel at its lowest level in almost three weeks. A potential ceasefire deal on the cards in the ongoing conflict between Israel and Palestinian Hamas is keeping oil prices soft. Currently, WTI crude oil is quoting at $78.70 per barrel, up 0.28% on the day. However, any unwarranted developments on the tensions could send oil prices rising. Meanwhile, Weekly production updates from the American Petroleum Institute (API) and Energy Information Administration (EIA) will be closely watched by Crude Oil markets this week.

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