Oil prices rebound on Israel-Gaza ceasefire hopes, OPEC output cut expectations; Brent trades at $83/bbl

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Brent crude declined about two per cent and WTI fell more than three per cent after a US central bank policymaker indicated interest rate cuts could be delayed by at least two more months. Back home, on the Multi Commodity Exchange (MCX), crude oil futures due for a March 19 expiry, was last trading 0.59 per cent higher at ₹6,504 per bbl, having swung between ₹6,408 and ₹6,511 per bbl during the session, against a previous close of ₹6,466 per barrel.

Also Read: OMC stocks off highs after Russia bans petrol exports for 6 months; IOC, HPCL down 3% -Comments from Yemen's Houthi spokesperson also supported oil prices, who said the group's operations in the Red Sea will stop only when Israeli ‘aggression’ against Gaza ends and the siege is lifted. Houthi missile and drone attacks on international shipping have driven up the cost of transporting energy products and contributed to a tighter market.

-"Concerns around shipping disruptions in the Red Sea have supported a rebound in the price of crude oil overnight," said Tony Sycamore, an analyst at IG in Sydney. Elsewhere, OPEC will make a decision in March on whether to extend voluntary production cuts to bolster prices.

-"We expect OPEC to announce the rollover of voluntary production quotas, at least until the June Ministerial Meeting, to provide additional support," Helima Croft, of RBC Capital Markets, said in a note late on Monday. -Meanwhile, there have been signs that Chinese oil demand could pick up and push prices higher.

Also on Tuesday, Russian authorities announced a six-month ban on gasoline exports from March 1 to compensate for rising demand and to allow for refinery maintenance. -Both oil benchmarks had settled more than one per cent higher on Monday after