Oil prices fall amid optimism that will facilitate the tension in the midst of East

Oil prices have dropped and recorded their biggest weekly decline, amid cautious optimism about relieving tension in the Middle East and the expectations of the offer. Brent -Ru oil trades nearly $ 65 a barrel after closing 1.6% on Thursday, while the intermediate crude of Western Texas dropped below $ 62. Israel agreed to a framework under which Hamas would release hostages in exchange for the release of prisoners, in a large step towards a peace agreement that would end the bloody conflict in Gaza. War bonus drops hostilities have been in the midst of the east, but the progress after a peace agreement can remove the remaining war premium from prices, at a time when the market faces pressure on an expected supply surplus by the end of the year. The OPEC+ Alliance agreed on Sunday to a new increase in production quotas, as part of an attempt to regain its market share. However, the increase of 137,000 barrels per day for November was lower than the numbers the market expected before the coalition meeting, which caused a prize result at the beginning of the week. Also read: OPEC+ increases supplies by increasing oil production by 137,000 new barrels. There are expectations that additional supplies, in addition to oil coming from producers in the Americas, may also improve the surplus in the market. The general vote in the market remains clumsy, although there are variations in the scope of pessimism towards crude oil prospects, according to Citigroup, which summarized the opinions of its clients. Anz Group Holdings Limited analysts, including Daniel Haynes and Sonny Kumari, wrote in a note that raising OPEC+ production targets “should not automatically lead to lower oil prices,” and explains that “surpluses arising from oversight are rarely unexpected, and thus the market is often advanced.” US sanctions target Iranian energy trade Meanwhile, the United States has set sanctions on more than 50 individuals, companies and ships involved in Iranian energy trade, including an important term for crude oil imports and a private Chinese refinery. This step is the latest in a series of sanctions that have targeted companies in the Asian country this year.