WASHINGTON (dpa-AFX) - Oil prices fell on Monday, extending losses from the previous session, as geopolitical tensions eased a bit. However, the impact of Hurricane Beryl that has resulted in the shutting down of some oil export facilities near Houston limited the downside in oil prices a bit.
West Texas Intermediate Crude oil futures for August ended down $0.83 or about 1% at $82.33 a barrel.
Brent crude futures were down $0.95 or about 1.1% at $85.59 a barrel a little while ago.
According to reports, Hamas has given its initial approval of a U.S.-backed proposal to end the nine-month-old war in Gaza, helping ease tensions in the Middle East. Talks are reportedly under way and being mediated by Qatar and Egypt.
Hurricane Beryl, classified as Category I hurricane, has made landfall near Matagorda Texas, the U.S. National Hurricane Center said.
Beryl unleashed heavy rains and powerful winds along the Texas coast today, knocking out power to more than 2 million homes and businesses and flooding streets with fast-rising waters as first responders raced to rescue stranded residents.
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