Oil falls for a third day as Middle East ceasefire hopes rise

Oil prices fell for a third day on Wednesday amid increasing hopes of a ceasefire agreement in the Middle East and rising crude inventories and production in the U.S., the world’s biggest oil consumer.

Brent crude futures for July fell 70 cents, or 0.8%, to US$85.63 a barrel by 0456 GMT. U.S. West Texas Intermediate crude for June declined 75 cents, or 0.9%, to US$81.18 per barrel.