WASHINGTON (dpa-AFX) - Oil prices dropped on Tuesday, falling for a second straight session, with traders assessing the prospect of some meaningful progress in Gaza ceasefire talks.
According to reports, Egyptian and Qatari mediators met resistance in their search to find a way out of the war.
West Texas Intermediate Crude oil futures for May ended down by $1.20 or about 1.4% at $85.23 a barrel.
Brent crude futures settled at $89.40 a barrel, down $0.98 or 1.07%.
Investors now await weekly inventory data from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API report is due later today, while the EIA is scheduled to release its inventory data Wednesday morning.
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