Oil prices retreated as ceasefire talks emerge amid Middle East tensions

International benchmarks for crude oil retreated on the first trading session of the week following reports on a ceasefire negotiation in Gaza. The multi-session rally is now facing technical resistance and according to analysts, the market was poised to fall.    

Benchmarks for crude increased by 4% last week, with Brent futures seeing the greatest run since August 2023 as it rose for a record four weeks in a row.

Brent futures decreased by 79 cents or 0.9% to settle at $90.38/barrel.

WTI fell by 48 cents or 0.6% to settle at $86.43/barrel.