Ceasefire talks drop oil more than $1: Recap for April 29

US Crude Oil Prices Drop Over $1 Amid Ceasefire Talks in Middle East

US crude oil prices took a hit on Monday as ceasefire talks in Cairo regarding the Middle East conflict and anticipation of the US central bank’s monetary policy review on May 1 influenced investor sentiment. The June West Texas Intermediate light, sweet crude future dropped $1.22 to close at $82.63 per barrel.

The decline in oil prices also had an impact on other commodity futures. Wheat futures saw a mixed performance, with prices declining in Chicago and Kansas City due to rainy forecasts in dry global export leader Russia. However, Minneapolis wheat futures were higher. Soy complex futures were also mixed, with soybeans and soymeal prices rising as Argentinian oilseed workers went on strike.

In the equity markets, US stocks extended their rallies on Monday, with Tesla shares jumping 15% after receiving approval from China to launch a drive-assistance service in the country. The Dow Jones Industrial Average added 146.43 points, the Standard & Poor’s 500 added 16.21 points, and the Nasdaq Composite added 55.18 points.

The US dollar index moved lower on Monday, continuing the up-down pattern established the previous week. Meanwhile, US gold futures advanced, with the June contract closing at $2,357.70 per ounce.

Overall, the ceasefire talks in the Middle East and the upcoming monetary policy review by the US central bank have created uncertainty in the markets, leading to fluctuations in commodity prices and investor sentiment.