US Secretary of State Blinken signalled that the US is very close to a hostage and ceasefire agreement in the Middle-East; hoping that the US diplomacy officials 'can get it over the line in the time left'. Blinken told also, that since Israel-Hezbollah ceasefire, US seen the withdrawal of more than a third of Israeli forces in Lebanon.
Also, EIA US inventories report, with underwhelming Chinese macro, supported the bearish move in oil prices today. On the other hand, Taiwan informed about forming foreign-legion amid further pressure from Chinese military across the Taiwan Strait. Despite progress in the Middle East, geopolitical tensions may still support oil, at least in the medium and long term; limiting potential declines.
Source: xStation5
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