Oil prices drop - Affected by the ceasefire agreement between Lebanon and Israel
Oil prices fell on Thursday as a ceasefire agreement between Israel and Lebanon raised hopes for a broader deal to end the US-Israeli war with Iran, which could lead to the reopening of the Strait of Hormuz.
Brent oil futures fell 0.89% to $96.92 a barrel, while U.S. crude fell 0.81% to $95.24.
Israel and Lebanon announced late Wednesday that they had agreed to implement a ceasefire, raising hopes for a deal between Washington and Tehran, which has conditioned any agreement in part on an end to fighting between Israel and Lebanon.
US President Donald Trump suggested on Wednesday that there could be progress in negotiations with Iran as early as this weekend.
The Iranian Foreign Minister said that Tehran's contacts with Washington have not been interrupted, but no progress has been achieved in the negotiations, adding that both sides are studying the exchanged texts.
In the US, the Republican-led House of Representatives passed a resolution on Wednesday to block Trump from continuing the war on Iran. To take effect, the resolution would need Senate approval and a two-thirds majority in both chambers to override a nearly certain Trump veto.
Meanwhile, U.S. crude oil inventories fell by 8 million barrels to 433.7 million barrels in the week ended May 29, the Energy Information Administration said on Wednesday. That was a much bigger drop than the 4 million-barrel draw analysts had expected in a Reuters poll.
The International Energy Agency warned on Tuesday that global oil reserves could reach critical levels ahead of peak summer demand if stockpiling continues at their current pace, despite Chinese crude oil imports falling by 6 million barrels per day in May compared with March.
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