Oil advanced on Thursday as investors digest the effect of Israel’s decline for ceasefire that was suggested by Hamas and unpredicted fall of US Fuel stocks.

Brent crude added 0.72% to $79.78 per barrel meanwhile crude futures advanced by 0.64% at $74.33 per barrel.

Brent is gearing towards $80 per barrel once again post hitting gains in the earlier three sessions.

Hamas offer for ceasefire in Gaza with hostage exchange in return has been rejected by Israeli Prime Minister Benjamin Netanyahu, however Antony Blinken implied that negotiations are still available.

The oil market has been supported also by better than projected US gasoline.

The decrease in gasoline supplies and increase in crude stocks indicated refinery maintenance in the United States.

Distillate stockpiles dipped by 3.2 million barrels to 127.6 million barrels, while gasoline stocks slumped by 3.15 million barrels, while analysts projected a build of 140,000 barrels.