BEIJING - Oil prices rose in early Asian trading after hopes diminished that negotiations between Israel and Hamas would lead to a ceasefire in Gaza and ease tension in the Middle East.
But then Israeli Prime Minister Benjamin Netanyahu said on Monday an unspecified date had been set for Israel's invasion of the Rafah enclave in Gaza, "ending the hopes that briefly gripped the market yesterday that geopolitical tensions in the region might be easing," Tony Sycamore, a market analyst with IG, wrote in a note.Hamas rejected the latest Israeli ceasefire proposal made at the talks in Cairo, a senior Hamas official also said on Monday.
Meanwhile, broader fundamentals are supportive of prices, the ANZ analysts said. India's fuel demand hit a record high in the 2024 fiscal year driven by higher gasoline and jet fuel consumption, data showed on Monday. An improvement in Chinese manufacturing activity announced last week is expected to boost fuel demand.
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