Oil fell more than 1% on Wednesday, losing ground for a third straight session on hopes of a ceasefire agreement in the Middle East and by rising crude inventories and production in top consumer the United States. Expectations that a ceasefire agreement between Israel and Hamas could be in sight have grown following a renewed push led by Egypt, even as Israeli Prime Minister Benjamin Netanyahu has vowed to go ahead with a long-promised assault on Rafah. Brent crude futures for July were down $1.48, or 1.7%, to $84.85 a barrel by 0928 GMT, after hitting $84.83 the lowest since March 15. U.S. West Texas Intermediate crude futures for June dropped $1.49, or 1.8%, to $80.44, their lowest since March 22. “The crude market is weighed down by continued hopes for a ceasefire,” said Ole Hansen of Saxo Bank. “In addition, stubborn U.S. inflation has further reduced rate cut expectations.” U.S. Federal Reserve officials are concluding their latest two-day policy meeting on Wednesday and are expected to hold interest rates steady. A rate cut would act as a boost to economic growth and fuel demand.
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