Oil prices fell sharply on Monday evening following media reports of an imminent ceasefire between Israel and Lebanon.
At 19:25, Brent January futures on London's ICE Futures exchange decreased by $1.62 (2.16%) to $73.55 per barrel.
The price of WTI oil January futures on the New York Mercantile Exchange (NYMEX) decreased by $1.61 (2.26%) to $69.63 per barrel.
Israeli and Lebanese authorities have agreed on the terms of a ceasefire, which could be confirmed on Tuesday. This is reported by Axios, referring to US government sources. The information was indirectly confirmed by the permanent representative of Israel at the UN, Danny Danon.
In addition, the market is reacting to the news that US President-elect Donald Trump has chosen investor and founder of Key Square Group Scott Bessent as the candidate for the head of the Department of Finance. Besant is a proponent of increasing oil production in the United States.
