Oil prices dipped on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to U.S. energy supplies from Tropical Storm Beryl.
Brent crude futures were down 12 cents, or 0.1%, at $86.42 a barrel, as at 0234 GMT. U.S. West Texas Intermediate crude was at $82.88 a barrel, down 28 cents, or 0.3%. Talks over a U.S. ceasefire plan aimed at ending the nine-month-old war in Gaza are under way, and being mediated by Qatar and Egypt.
“If anything, concrete comes from the ceasefire talks, it will take some of geopolitical bid out of the market for now,” said IG analyst Tony Sycamore based in Sydney.
The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Tropical Storm Beryl, which could grow into a Category 2 hurricane after making landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday.
