Crude eases on US stock-surge; Gaza ceasefire bets remain in play - Feb. 28, 2024

  • Crude futures were easing early Wednesday in profit-taking as traders took in the American Petroleum Institute’s bearish US weekly stocks data and re-assessed the likely outcome of continuing intense multinational negotiations to clinch a Gaza ceasefire and hostage deal.
  • The latest on the Paris talks is that the Hamas militants are studying a draft proposal, the key elements of which are a 40-day ceasefire in Gaza and the exchange of Palestinian prisoners for Israeli hostages in the ratio of 10 to one.
  • The API’s latest stocks report for the week ended February 23 was bearish on balance, with a jump of 8.4 million barrels in crude commercial crude inventories.