Oil prices fall on hopes for a ceasefire deal in Gaza

Oil prices today are falling after four weeks of gains, as hopes for a ceasefire deal in the Gaza Strip have eased concerns about supply disruptions. However, Hurricane Beryl, which could affect supplies in the US, is limiting the decline.

At around 17:35 CEST, the price of North Sea Brent crude was down 0.7 percent at 85.94 dollars per barrel. US light crude WTI was down 0.8 percent at the same time, trading at 82.49 dollars per barrel.

Talks are currently under way on a US plan to end the war in the Gaza Strip, which began last October when the Israeli army launched retaliatory operations following a large-scale attack by the terrorist group Hamas on southern Israel. Qatar and Egypt are mediating the talks.

Hurricane Beryl made landfall in the United States near the Texas city of Matagorda. Some ports in the area were closed on Sunday in preparation for the hurricane. Texas is the largest producer of oil and natural gas in the US. Port closures could temporarily halt exports of oil and liquefied natural gas, the transportation of oil to refineries and fuel deliveries.

The price of US WTI crude rose 2.1 percent last week after data from the US Energy Information Administration (EIA) showed that inventories of crude oil and refined products fell in the week to June 28. Analysts say there is a strong chance that oil inventories will fall significantly further next week. The peak of the US driving season is under way, Reuters reported.

Oil prices in dollars per barrel (about 159 litres):