Oil edges up with slim progress in Gaza peace talks

Brent crude oil price news: Oil prices rose on Thursday after Israel rejected a ceasefire offer from Hamas, as talks continued to try to end the Gaza conflict and wider Middle East tensions that have kept the market on edge since October.

Signs of solid US fuel demand also bolstered the market's upward trend this week. Brent crude futures were up 22 cents, or 0.28 per cent, at $79.43 a barrel at 0132 GMT. US West Texas Intermediate crude futures rose 19 cents, or 0.26 per cent to $74.05 a barrel.

Israeli Prime Minister Benjamin Netanyahu rejected Hamas' latest offer for a ceasefire and return of hostages held in the Gaza Strip, but US Secretary of State Antony Blinken said there was still room for negotiation toward an agreement.

A Palestinian Hamas delegation led by senior official Khalil Al-Hayya was due to travel on Thursday to Cairo for ceasefire talks with Egypt and Qatar. On the demand side, a much stronger-than-expected drawdown in gasoline stocks in the US reported on Wednesday continued to buoy the market.

The US Energy Information Administration reported US gasoline stocks fell by 3.15 million barrels last week compared with analysts' estimates for a build of 140,000 barrels.

The drop in gasoline stocks and a 13 per cent year-on-year rise in US oil exports to a record 4.06 million barrels per day in 2023 "both indicate stronger demand for crude", ANZ Research said in a note.