WASHINGTON (dpa-AFX) - Oil prices traded lower on Monday after rising for four weeks amid supply concerns resulting from increased geopolitical tensions, expectations of interest rate reduction and hopes of strong summer fuel demand.
Benchmark Brent crude futures slipped 0.2 percent to $86.40 a barrel while WTI crude futures fell 1.1 percent to $82.23.
Media reports suggested that Hamas has given its initial approval of a U.S.-backed proposal to end the nine-month-old war in Gaza, helping ease tensions in the Middle East. It was said that talks are under way and being mediated by Qatar and Egypt.
However, Hamas has denied reports of dropping a key demand in the proposed Gaza ceasefire deal, calling the claims inaccurate.
Investors also assessed potential disruption to U.S. energy supplies from Hurricane Beryl.
The Hurricane, classified as a Category 1 hurricane, has made landfall near Matagorda Texas, the U.S. National Hurricane Center (NHC) said today.
Beryl is expected to unleash destructive winds, dangerous storm surges, and potentially up to 15 inches of rainfall in certain Texas regions.
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