Oil slips on peace hopes, Brent hovers near $91

Oil prices edged lower on Thursday as hopes for diplomatic progress in the Middle East and Russia-Ukraine conflicts reduced concern about supply disruptions. Brent crude was down 0.12% at $91.38 per barrel, while West Texas Intermediate fell $0.70, or 0.81%, to $85.34 by 09:35 am PST, Mettis Global reported.

Expectations of a possible Russia-Ukraine ceasefire weighed on the market, although negotiators agreed to a major prisoner exchange after talks in Abu Dhabi and substantial disagreements remain. Tensions between Washington and Tehran also persist, while OPEC+ output rose in October and US crude inventories added 9 million barrels in the latest week, according to data cited in the report. The EIA was due to publish its official inventory figures on Thursday.