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Oil prices compound losses as traders weigh Trump's Gaza peace plan - YAHOO FINANCE
Oil prices pulled lower on Tuesday, compounding losses from the day before as traders continue to fret about the potential of oversupply, as well as new developments in the Israel-Gaza conflict.
Opec+ is considering raising output by at least the 137,000 barrel-a-day hike scheduled for next month, according to a Bloomberg report on Monday which cited sources familiar with the plans.
Brent crude futures (BZ=F) dipped around 1%, to $66.44 a barrel. Last week, crude futures had advanced more than 3%. West Texas Intermediate (CL=F) fell nearly 1.5% to trade at $62.80.
Traders also watched as president Donald Trump attempted to broker a peace deal to stop Israel's offensive against Hamas in Gaza. Trump put forward a 20-point plan, including an end to fighting; the return of Israeli hostages; and an international "Board of Peace" to help run the territory. Hamas is yet to agree to the deal, which has Israeli prime minister Benjamin Netanyahu's seal of approval.
