Oil prices slip as Gaza talks ease supply worries
Istanbul, July 8 (Hibya) - Oil prices slid on Monday after rising for four weeks. The prospect of a ceasefire deal in Gaza eased tensions in the Middle East while investors assessed potential disruption to U.S. energy supplies from Hurricane Beryl.
Brent crude futures were down 87 cents, or 1 percent, at $85.67 a barrel. U.S. West Texas Intermediate (WTI) crude was at $82.15 a barrel, down $1, or 1.2 percent.
Talks over a U.S. ceasefire plan aimed at ending the nine-month-old war in Gaza are underway and being mediated by Qatar and Egypt.
However, Hurricane Beryl's potential for a significant disruption to U.S. energy supplies cannot be overlooked. Several ports north of the Gulf of Mexico have closed in preparation for the storm, which is expected to land on the Texas coast on Monday.
Port closures could temporarily halt crude and liquefied natural gas exports, oil shipments to refineries, and motor fuel deliveries from those plants.
WTI gained 2.1 percent last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ended June 28.
Investors also closely monitor the impact of last week's elections in the UK, France, and Iran. These elections could reshape geopolitics and energy policies, adding another layer of complexity to the oil market.
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