Crude oil prices are set for another weekly decline following a ceasefire between Israel and Hamas, with Brent crude at $64.90 per barrel and West Texas Intermediate at $61.28 as the Middle East war premium dissipates.

OPEC is unwinding production cuts as focus shifts to oil surplus. Russia’s Deputy Foreign Minister says peace efforts with Ukraine are exhausted, maintaining war premium. ING cites Ukraine conflict as top risk for oil prices due to potential disruptions in Russian energy infrastructure.

US fuel demand rose to 21.99 million barrels daily, highest since 2022, indicating robust consumer demand. ING expects oversupply to keep oil prices in check for the rest of the year and into 2023. President Trump’s stance could impact Russian supply, posing upside risks for oil prices.

EIA reports fuel demand increase, with Price Futures Group noting highest consumption since 2022. Analysts anticipate oil prices to remain stable due to oversupply and geopolitical factors. Russia-Ukraine conflict and potential disruptions in Russian energy infrastructure could impact crude oil exports.

Read more at Yahoo Finance: Oil Prices Set for Moderate Dip on Gaza Ceasefire