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The Israeli government and President Trump’s Middle East envoy said on Thursday that they were recalling the teams that had been negotiating on a Gaza cease-fire with Hamas, ending for now the hope for the return of some of the last surviving hostages from the terrorist attack on Israel nearly two years ago.
Steve Witkoff, the president’s special envoy, said in a statement that the latest response to an offer of a deal from Hamas’s surviving leadership showed “a lack of desire to reach a cease-fire in Gaza.” He added that “we will now consider alternative options to bring the hostages home and try to create a more stable environment for the people of Gaza,” without specifying what those alternatives might include.
(Reuters) - Oil prices rose 1% on Thursday as U.S. crude draws and expected cuts to Russian gasoline exports overwhelmed news that oil major Chevron (CVX.N) will gain U.S. approval to renew production in Venezuela.
Brent crude futures settled at $69.18 a barrel, up 67 cents or 0.98%. U.S. West Texas Intermediate crude futures finished at $66.03 a barrel, up 78 cents, or 1.20%.
Crude fell in early afternoon trade on news that U.S. President Donald Trump's administration was preparing to allow limited oil operations in sanctioned OPEC nation Venezuela.
Earlier in the session, WTI had been up more than a dollar and Brent crude came near that level.
"The news about Chevron being able to go back into Venezuela and get oil going again just took the knees out of the market," said John Kilduff, partner at Again Capital LLC.
Even so, Kilduff said the market did not expect the Trump administration would open up Venezuela to other U.S. oil companies.
"This is a unique one-off," he added.
Another day, another record for the S&P 500 and Nasdaq Composite.
The S&P 500 eked out a 0.1% gain, marking its fourth straight record finish, while the Nasdaq Composite gained 0.2% for a second straight all-time high close. The Dow Jones Industrial Average — which finished just 0.01% away from a record on Wednesday — retreated around 316 points, or 0.7%, weighed down in part by a drop of more than 7% by IBM Corp.
Favorable results from Google parent Alphabet Inc. alongside a boost to its capital-spending plans helped provide support, while a drop in first-time weekly jobless claims and a favorable reading on activity in the U.S. services sector were also cited as positive factors. But rate-sensitive sectors lagged behind, noted Jose Torres, senior economist at Interactive Brokers, as Treasury yields ticked up and a manufacturing-activity gauge disappointed.
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