Oil prices fell slightly in early trading on Tuesday, after ceasefire talks between Israel and Hamas in Cairo helped calm market fears of a wider conflict in the Middle East, while concerns over the outlook for U.S. interest rates weighed on the market.
price movement
By 0006 GMT, Brent crude futures were down 5 cents, or 0.06 percent, at $88.35 a barrel, while U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.15 percent, at $82.51 a barrel.
A Hamas delegation left Cairo late Monday to consult with the movement's leadership after talks with Qatari and Egyptian mediators on a response to a truce proposal made by Israel earlier in the week.
Investors are awaiting the US Federal Reserve meeting on May 1 this week, as the persistence of inflation at its current levels leads to expectations that the bank will not cut interest rates, which may strengthen the dollar and negatively affect demand for crude.
