Oil prices fell for a third day in early trading on Wednesday, as crude inventories and production in the United States, the world's largest oil consumer, rose, along with growing hopes for a ceasefire in the Middle East.
price movement
By 0005 GMT, Brent crude futures for July delivery were down 47 cents, or 0.5 percent, at $85.86 a barrel.
U.S. West Texas Intermediate crude futures for June delivery fell 53 cents, or 0.6 percent, to $81.40 a barrel.
U.S. crude oil inventories rose by 4.906 million barrels last week, while gasoline and distillate stocks fell, according to figures from the American Petroleum Institute on Tuesday.
