An oil pump jack is seen in the Loco Hills region, New Mexico, U.S., April 6, 2023.
Oil edged down in early trade on Tuesday after Israel-Hamas ceasefire talks in Cairo helped quell market fears of an expanded conflict in the Middle East, while worries about the outlook for U.S. interest rates weighed on the market.
The delegation was expected to report back within two days, two Egyptian security sources said.
On the economic front, investors are on watch this week for the U.S. Federal Reserve's May 1 policy review, with stubborn inflation pushing out market expectations for any rate cuts, which could bolster the U.S. dollar and hamper oil demand.
Some investors are cautiously pricing a higher probability that the Fed could hike interest rates by a quarter percentage point this year and next as inflation and the labor market remain resilient.
Persons:
Israel, Yemen's, Yahya Sarea
Organizations:
Brent, U.S . West Texas, Qatari, Suez, MSC Orion, U.S, U.S . Federal, U.S .
Locations:
New Mexico, U.S, Israel, Cairo, Gaza, Rafah, Iran, U.S .