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Oil Prices: Geopolitical risk premiums due to the Israel-Hamas war, which had kept prices high due to global supply risks, are also fading, with Israel and Hamas considering a temporary ceasefire and holding talks with international mediators.
The United States and Saudi Arabia are said to be nearing a pact that would offer the kingdom security guarantees and lay out a possible pathway to diplomatic ties with Israel if it brings the war in Gaza to an end.
US crude inventories rise 4.906m barrels in the week ended April 26
Natural Gas Prices: Results at oil and gas firms are still retreating from record levels in 2022 that were boosted by a surge in demand after the COVID-19 pandemic and then when prices spiked after Russia invaded Ukraine.
It may become the continent’s fourth largest producer by next decade