Benghazi – Oil prices fell on Thursday amid expectations of a possible ceasefire between Russia and Ukraine.
Brent crude futures fell by 21 cents, or 0.3%, to $62.92 a barrel, and U.S. West Texas Intermediate crude futures also dropped 21 cents, or 0.4%, to settle at $58.44 a barrel.
The decline was influenced by a larger-than-expected increase in U.S. oil inventories, as the Energy Information Administration announced on Wednesday that crude stockpiles rose by 2.8 million barrels to 426.9 million barrels last week, driven by imports rising to their highest level in 11 weeks.