New York oil prices plunge on expectations of Israeli-Hezbollah ceasefire

Oil prices in New York plunged on hopes of an imminent ceasefire agreement between Israel and Lebanon's pro-Iranian militant Hezbollah.

On the New York Mercantile Exchange, West Texas Intermediate for January delivery closed at $68.94 a barrel, down $2.30 and 3.23% from the previous session.

Brent crude oil for January delivery, which is subject to international market comparisons, closed at $73.01 a barrel, down $2.16 and 2.87% from the previous session, reversing a three-day decline.

Oil prices went downhill during the day after a series of news broke that Israel and Hezbollah were close to a ceasefire agreement and only a final settlement was left."Israeli Prime Minister Netanyahu's approval of a ceasefire agreement in Lebanon could be a catalyst for the decline in oil prices, but we have to wait and see when the details come out," said

Price Future Group.