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Oil Rises With Mideast Tension to the Fore as Truce Talks Falter
Oil advanced for a second day on tensions in the Middle East, with Israel rejecting a cease-fire proposal for the Gaza Strip, and a risk-on mood that helped lift wider financial markets. Global benchmark Brent rose toward $84 a barrel after a 0.5% gain on Monday, while West Texas Intermediate was near $79. Israel’s war cabinet rejected a cease-fire proposal agreed to by Hamas. The Jewish state has vowed to continue military operations in Rafah, a major Gazan city. Crude’s advance came after US stocks pushed higher on Monday on optimism the Federal Reserve will start cutting interest rates this year. Lower US ... (full story)