Brent crude futures for September rose 18 cents to $82.58 a barrel by 0947 GMT. U.S. West Texas Intermediate crude for September climbed 16 cents to $78.56 per barrel
Oil prices were flat on Tuesday after a European Central Bank official hinted at a possible rate cut in September, offsetting pressure from renewed hopes of a ceasefire in the war in Gaza.
“Oil is range-trading, only moderately up, and that support might come from most European stock markets in positive territory, benefiting from a risk on environment,” said UBS analyst Giovanni Staunovo.In the Middle East, efforts to reach a ceasefire deal between Israel and militant group Hamas, under a plan outlined by U.S. President Joe Biden in May and mediated by Egypt and Qatar, have gained momentum over the past month.
Meanwhile, traders continued to shrug off news of Biden’s decision to call off his re-election bid and endorse Vice President Kamala Harris on Sunday. Citi analysts said they believed neither Harris nor Republican nominee Donald Trump would promote policies that would greatly affect oil and gas operations.
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