Oil fell for the first time in five sessions, as traders focused on the prospect of cooling tensions in the Middle East and higher US inventories.
West Texas Intermediate fell below $62 a barrel, with Brent crude closing above $66. US President Donald Trump said both Israel and Hamas had agreed to terms for the release of all hostages still held by the militant group in Gaza in a breakthrough in the push to end the two-year war.
Elsewhere, US nationwide crude stockpiles expanded for a second week, although they remained near seasonal lows, according to official data released on Wednesday. Levels at the Cushing, Oklahoma, storage hub, however, declined, as did inventories of refined products.
Crude remains under pressure on expectations for higher supplies, both from the Organization of the Petroleum Exporting Countries and its allies, as well as from the Americas. Beyond the Middle East, geopolitical concerns remain pertinent, with Ukrainian attacks on Russian oil infrastructure affecting flows.
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Prices:
WTI for November delivery retreated 0.9% to $61.97 a barrel at 7:18 a.m. in Singapore.
Brent for December settlement closed 1.2% higher at $66.25 a barrel on Wednesday.
Source: Bloomberg
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