WASHINGTON (dpa-AFX) - Oil extended losses on Tuesday as continued hopes of a ceasefire deal in Gaza helped ease tensions in the Middle East.
Also, a hurricane that hit a key U.S. oil producing hub in Texas caused less damage than expected, easing concerns over supply disruptions.
Benchmark Brent crude futures were down half a percent at $85.34 in European trade while WTI crude futures dipped half a percent to $81.93.
After Hamas made major concessions last week, senior U.S. officials in the region are reportedly pushing for a ceasefire.
However, a new Israeli assault on Gaza on Monday threatened ceasefire talk, the head of the militant group said and called for mediators to rein in Israel's Prime Minister Benjamin Netanyahu.
Elsewhere, the Hurricane Beryl has weakened into a tropical depression after hitting a key oil-producing hub in Texas, where 40 percent of U.S. crude oil is produced.
Major refineries along the U.S. Gulf Coast saw minimal impact from the Hurricane.
Initially, there were fears that the Hurricane could affect production for several days, and cause supply chain disruptions.
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