Global crude oil prices recorded a decline on Thursday, mainly due to hopes of a potential ceasefire between Ukraine and Russia.
Brent crude futures fell by 21 cents, or 0.3%, to $62.92 per barrel, while US West Texas Intermediate (WTI) crude dropped by 21 cents, or 0.4%, to $58.44 per barrel. On Wednesday, both contracts had closed nearly 1% higher.
According to sources, oil prices also received some support from expectations that the US Federal Reserve may cut interest rates in December, as lower rates could boost economic activity and, consequently, oil demand.
