Oil prices dipped on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to US energy supplies from Tropical Storm Beryl.
Brent crude futures were down 12 cents, or 0.1%, at $86.42 a barrel. US West Texas Intermediate crude was at $82.88 a barrel, down 28 cents, or 0.3%.
The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Tropical Storm Beryl, which could grow into a Category 2 hurricane after making landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday.
Port closures could bring a temporary halt to crude and liquefied natural gas exports, oil shipments to refineries, and motor fuel deliveries from those plants.
Source: Qatar News Agency