Oil market slips amid ceasefire hopes and storm concerns

Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to US energy supplies from Tropical Storm Beryl.

Brent crude futures were down 36 cents, or 0.4 per cent, at $86.18 a barrel, as at 0646 GMT.

US West Texas Intermediate crude was at $82.71 a barrel, down 45 cents, or 0.5 per cent.

Talks over a US ceasefire plan aimed at ending the nine-month-old war in Gaza are under way...