Oil Declines With Gaza Peace Plan and Risk-Off Mood in Focus

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone.

West Texas Intermediate fell 1.7% to settle below $62 a barrel while Brent closed near $65. Israel has begun implementing a ceasefire deal in Gaza after it reached an agreement with Hamas for the the release of all the hostages it holds, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude.