Oil prices fell more than $1 a barrel on Monday as cease-fire talks between Israel and Hamas in Cairo eased fears of a wider conflict in the Middle East, while US inflation data eased the prospect of an imminent reduction in the reference interest rate, reports Reuters.
Brent crude futures for June delivery, which expire on Tuesday, were down $1.25, or 1.4%, at $88.25 a barrel.
The more active Brent crude contract for July delivery was down $1.01, or 1.14%, at $87.20 a barrel.
US West Texas Intermediate (WTI) futures were down $1.19, or 1.4%, at $82.66 a barrel.
Israeli airstrikes killed at least 25 Palestinians and wounded scores of others on Monday as Hamas leaders arrived in Cairo for a new round of talks with Egyptian and Qatari mediators.
Egypt is hopeful, but is waiting for a response on the plan from Israel and Hamas, said Egyptian Foreign Minister Sameh Shoukry.
“!With little other fresh news, the possible cooling of the conflict in Gaza is sending oil prices lower,” said John Evans of oil brokerage PVM.
Markets were also cautious ahead of the US Federal Reserve’s monetary policy meeting on May 1, which could indicate the direction of the central bank’s key interest rate decisions.
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Tags: Oil prices fell barrel Monday ceasefire talks Israel Hamas Cairo
