Brent for June settlement fell 0.9% to $88.70 a barrel at 12:15 p.m. in Singapore.
Oil slipped as the US pushed to broker a peace deal between Israel and Hamas that would reduce geopolitical tensions in the Middle East.
Crude has risen this year on OPEC+ supply cuts and heightened tensions in the Middle East — the source of about a third of the world’s oil. Meanwhile, shifting expectations for US monetary policy are weighing on the demand outlook, and traders will look to a Federal Reserve meeting on Wednesday to gauge the prospects for rate cuts this year.
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