Oil prices fall 1 per cent on Israel-Hamas ceasefire talks, US inflation concerns

Oil prices fell in early Asian trading on Monday, erasing gains from Friday as Israel-Hamas peace talks in Cairo eased fears of a wider conflict in the Middle East and US inflation data further dimmed the prospects of interest rate cuts anytime soon.

Brent crude futures fell by as much as $1, or 1.1 per cent to $88.50 a barrel before ticking back up to $88.55 at 0149 GMT. West Texas Intermediate (WTI) futures were down 84 cents, or 1 per cent, at $83.01 a barrel.

Stepped-up efforts...