Oil falls as Lebanon and Israel agree to implement ceasefire

By Sam Li and ‌Lewis Jackson

BEIJING, June ​4 (Reuters) - ​Oil prices eased on Thursday as Israel and Lebanon's ceasefire agreement boosted hopes for a broader deal to ‌end the U.S.-Israeli war with Iran, while the U.S. House ⁠approved a resolution seeking to curb President Donald Trump's war powers.

Brent futures were ‌down 67 cents, or 0.69%, ‌at $97.14 a barrel by 0015 GMT, while U.S. West Texas Intermediate CLc1 crude fell 62 cents, or 0.65%, to $95.4.

Both benchmarks rose ​about 2% on Wednesday, extending the previous session's gains, after renewed Middle East hostilities including Iranian attacks on Kuwait and U.S. ⁠military strikes near the Strait of Hormuz.

In the U.S., the Republican-led House approved a resolution ​on Wednesday to block Trump from continuing the war against Iran. To take effect, the resolution would need Senate ​approval and two-thirds majorities in both ‌chambers to override an almost certain Trump veto.

Trump suggested on Wednesday that there could be progress in negotiations ⁠with Iran as soon as this weekend.

Iranian Foreign Minister Abbas Araqchi on Wednesday said Tehran's contacts with Washington have not been cut off, but ⁠no progress has been made in the negotiations, adding both sides were studying ​the texts that were exchanged.

Meanwhile, U.S. crude stockpiles fell by 8 million barrels to 433.7 million barrels in the week ended May 29, the Energy Information ‌Administration said on Wednesday. That compares with analysts' expectations in a Reuters poll for a 4-million-barrel draw.

Haitong Futures ‌said in a note that oil prices are likely to move ⁠toward the upper end of ‌their range due to ​a persistent supply-demand imbalance as global crude inventories fall rapidly.

(Reporting by Sam Li and Lewis Jackson; Editing by ‌Cynthia Osterman)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Iran nuclear risk higher than before U.S.-Israel strikes, UN says
• South Korea, China agree first expansion in flight rights in seven years
• Flesh-eating parasite New World screwworm confirmed in Texas, USDA says