WASHINGTON (dpa-AFX) - Crude oil futures settled lower on Thursday, weighed down by weak gasoline demand in the U.S., and reports confirming U.S. has drafted a U.N. resolution calling for a ceasefire and hostage deal in Gaza.
The U.S. secretary of state, Antony Blinken, presented the resolution as calling for 'an immediate ceasefire tied to the release of hostages'.
Oil prices declined due to profit taking as well. A stronger dollar too weighed on prices.
West Texas Intermediate Crude oil futures for May ended lower by $0.20 at $81.07 a barrel.
Brent crude futures were down $0.12 at $85.12 a barrel a little while ago.
Recent data showing a drop in crude inventories and gasoline stockpiles last week supported oil prices and limited the commodity's downside.
The U.N. resolution calls for an 'immediate ceasefire' and hostage deal in Gaza, amid mounting pressure on Israel to halt its military campaign and allow the delivery of substantial amounts of humanitarian aid into the Palestinian territory.
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