Crude oil futures were slightly lower Thursday as a senior Israeli official sees initial signs of progress toward a deal to release hostages held in Gaza and as the market awaits for U.S. inventory data.
The West Texas Texas Intermediate contract fell 47 cents, or 0.6%, to $77.44 a barrel.
White House Middle East envoy Brett McGurk will meet with Prime Minister Benjamin Netanyahu Thursday to discuss efforts to free hostages held by Hamas.
A temporary ceasefire in exchange for releasing hostages in Gaza would potentially reduce the risk of the conflict engulfing the Middle East and disrupting crude supplies.
Futures are down less than 1% week to date, after crude rallied last week on escalating tensions in the Middle East.
Persons:
Brent, Benny Gantz, Brett McGurk, Benjamin Netanyahu
Organizations:
West Texas Texas Intermediate, Hamas, U.S . Energy Information Agency
Locations:
Gaza, East