Crude oil prices retreated Thursday as easing geopolitical tensions reduced risk premiums and traders shifted focus to rising inventories and production outlooks. West Texas Intermediate (WTI) fell 0.61% to $62.17 per barrel, while Brent crude declined 0.51% to $65.91. The day's movement reflected a market recalibrating from short-term geopolitical fears toward more structural supply-demand pressures.
Oil prices eased after reports of a first-phase ceasefire agreement between Israel and Hamas, a development that alleviated fears of broader instability in the Middle East. The reduced threat of supply disruptions through key shipping routes led traders to unwind part of the conflict-driven risk premium built into prices earlier in the week.
